Oil prices nudge higher, attempting to shake off rise in U.S. crude inventories

Date:

Share post:



U.S. oil futures nudged higher early Thursday, shaking off weakness attributed to data a day earlier that showed a further rise in U.S. crude inventories.

Price moves

  • West Texas Intermediate crude
    CL00,
    +0.15%
    for April delivery
    CL.1,
    +0.15%

    CLJ24,
    +0.15%
    rose 24 cents, or 0.3%, to $78.78 a barrel on the New York Mercantile Exchange.

  • April Brent crude
    BRNJ24,
    -0.02%,
    the global benchmark, was up 2 cents at $83.70 a barrel on ICE Futures Europe. May Brent
    BRN00,
    -0.11%

    BRNK24,
    -0.11%,
    the most actively traded contract, was up 9 cents, or 0.1%, at $82.24 a barrel.

Market drivers

The Energy Information Administration reported Wednesday that domestic commercial-crude inventories rose by 4.2 million to 447.3 million barrels for the week ending Feb. 23. The EIA has now reported gains in crude supply for five weeks in a row.

The report also showed weekly supply declines of 2.8 million barrels for gasoline and 500,000 barrels for distillates.

The data also showed a continued rebound in gasoline supplied, a key measure of implied consumer demand, noted analysts at Sevens Report Research. It hit its second highest level since mid-December at just shy of 8.5 million barrels a day.

“A better consumer demand outlook is supportive of prices near term. Domestic production, meanwhile, has been holding steady at a record
13.3 million barrels/day since late January. Oil production not rising is not bearish and is easing a previous headwind on the market, setting futures up for more upside,” they wrote.



Source link

Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

Recent posts

Related articles

Novavax failed to capitalize on fears surrounding mRNA vaccines, activist investor says

In a letter seen by MarketWatch, the activist fund blamed the sharp drop in Novavax’s sales on...

Fresh uncertainty around Fed rate cuts exposes the stock market’s winners and losers

Higher U.S. inflation is dashing investors’ hopes for multiple Federal Reserve rate cuts this year, while opening...

Shohei Ohtani not involved in gambling, prosecutors say, as they charge translator with stealing $16 million

Baseball star Shohei Ohtani was not involved in gambling and had no knowledge of payments being made...

Stocks, bonds slump as traders shift Fed rate-cut expectations to September

Markets were rattled Wednesday by a stronger-than-expected inflation report, with stocks and bonds selling off as investors...

Philips shares climb after finalizing pact with U.S. over device sales

Philips reiterated its financial outlook on Wednesday after finalizing a consent degree with the U.S. Department of...

GOP says Biden administration is using crypto as a ‘scapegoat’ for foreign-policy failures

The digital-asset industry and its allies in Congress on Tuesday criticized the Biden administration for blaming cryptocurrency...

States sue over Biden’s student-loan repayment program using arguments that succeeded before

Missouri and six other states are asking a court to block the Biden administration’s revamped student-loan repayment...

Congressional push to take TikTok off your phone may ‘be lost in the fog of presidential politics,’ Pence says

Senate Minority Leader Mitch McConnell and former Vice President Mike Pence are throwing their support behind a...