Oil rises as supply concerns outweigh US fuel stocks build

📆 6/30/2022 6:22 AM
📰 ChannelNewsAsia

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SINGAPORE :Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories. Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6 per cent, to $113.08 a barrel

SINGAPORE :Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories.

Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts' expectations in a Reuters poll for a 569,000 barrel drop, U.S. Energy Information Administration data showed, even as U.S. gasoline and distillate stockpiles climbed. But further disruptions to supply supported prices, the ANZ analysts said, amid the suspension of Libyan shipments from two key eastern ports, while Ecuador saw output fall due to ongoing protests.

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Oil prices stable as market weighs fuel stocks build amid supply concernsHOUSTON : Oil prices were little changed on Thursday as markets weighed a rise in U.S. gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.Brent crude futures for August dropped 25 cents, or 0.2 per cent, to $116.01 a barrel in light trading as th Wow😍😍😍
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