Oil inches up as war jitters outweigh surprise build in U.S. crude stocks

  • 📰 Investingcom
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 53%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Oil inches up as war jitters outweigh surprise build in U.S. crude stocks

- Oil rose slightly in early trade on Wednesday as concern over escalating conflict in Europe and the Middle East offset demand worries following an unexpected build infutures for August delivery rose 6 cents to $85.39 a barrel by 0016 GMT. U.S. West Texas Intermediate crude for June was up 10 cents to $81.67 per barrel.

In the Middle East, meanwhile, Israeli Foreign Minister Israel Katz warned of a nearing"all out war" with Lebanon's Hezbollah, even as the U.S. attempted to avoid a broader conflict between Israel and Iran-backed Hezbollah. Keeping oil prices from rising further, U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts polled by Reuters had expected a 2.2 million barrel draw in crude stocks.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 450. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil Companies in Trouble as Renewables Suddenly Mean They're Producing Way Too Much OilScience and Technology News and Videos
Source: futurism - 🏆 85. / 68 Read more »

U.S. crude oil gains more than 1% as market looks to OPEC+ meeting on production levelsOil market analysts are broadly expecting OPEC+ to maintain its current production levels.
Source: nbcchicago - 🏆 545. / 51 Read more »