There was a sharp drop in fuel stocks in the United States that overcame concerns about excess supply and a stronger dollar.
The prices of oilrose slightly on Thursday in a volatile session, as a sharp drop in stocks of fuel in USA overcame concerns about oversupply and increased demand stemming from a dollar stronger.
Crude oil futures Brent rose 28 cents to $72.56 a barrel, while U.S. crude futures West Texas Intermediate (WTI) They rose 27 cents to $68.70.
Thus, Brent is on track to lose around 1.7% during the week, while WTI could reach a drop of more than 2%, due to a stronger dollar and concerns about increasing supply. amid slow growth in demand.
Fall in reserves in the United States
Gasoline stocks in USA fell by 4.4 million barrels last week, the Energy Information Administration, compared to analysts’ expectations in a Reuters poll for an increase of 600,000 barrels. Stocks of 206.9 million barrels for the week ending November 8 were the lowest since November 2022.
Distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels, compared to expectations for an increase of 200,000 barrels.
U.S. gasoline futures rose 0.8%, while heating oil futures fell about 0.3% after rising briefly following the data.
However, what capped oil price gains was a 2.1 million barrel increase in crude oil inventories of the United States last week, much more than analysts’ expectations of an increase of 750,000 barrels.
Meanwhile, the International Energy Agency predicted that global oil supply will exceed demand in 2025 even if cuts remain in place in the OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, as growing production from the United States and other foreign producers outpaces sluggish demand.
The agency based in Paris It raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 bpd, and left its 2025 oil demand growth forecast little changed at 990,000 bpd.
Source: Ambito
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