Oil prices edged higher on Thursday as the market balanced weak demand with supply disruption amid a looming rail stoppage in the US, the world’s biggest crude consumer.
“The oil price has been pricing in a global recession, but even with flat global growth, the oil demand would remain quite strong relative to continued supply worries,” said Clifford Bennett, chief economist at ACY Securities in a note. The increasing likelihood of a US rail stoppage due to an ongoing labour dispute is also adding support to the market. Three unions are negotiating for a new contract that could affect rail shipments, which are important for crude and product deliveries.
But data released by the Energy Information Administration showed US crude and distillate inventories rose more than expected in the most recent week, suggesting weaker fuel demand and putting a lid on oil prices.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major Norwegian energy company exits RussiaEquinor has transferred $1bn in commitments to oil company Rosneft for just €1 Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met JamesAlderson0 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks JamesAlderson0
Source: BDliveSA - 🏆 12. / 63 Read more »