Oil rises on US crude stocks data

📆 18/08/2022 11:16:00
📰 RTEbusiness

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Oil prices rose on Thursday as robust US fuel consumption data and expected falls in Russian supply late in the year offset concerns that a possible looming recession could undercut demand.

Brent crude futures climbed $1.43, or 1.5%, to $95.08 a barrel by 0900 GMT. US crude futures gained $1.15, or 1.3%, to $89.26 a barrel.

British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. Bans by the European Union on Russian seaborne crude in December and on products imports early next year could dramatically tighten supply and drive up prices, analysts warn.

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Oil rises on US crude stocks dataOil prices rose on Thursday as robust US fuel consumption data and expected falls in Russian supply late in the year offset concerns that a possible looming recession could undercut demand.
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