Tokyo — Oil prices climbed on Thursday after a sharp drawdown in US crude and petrol stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports.
Both benchmarks hit their highest since October 2018 on Wednesday, but they pared gains later in the session as energy traders locked in profit after the US inventory report, Edward Moya, senior market analyst at brokerage Oanda, said in a report. Prices resumed climbing in Asia trade on Thursday. “Oil prices were lifted by the US inventory data which confirmed the strong outlook for higher fuel demand in the second half of this year, backed by a recovery in road and air travel,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
AdriaanBasson News24 TheCitizen_News Adriaan Basson/News24 are deliberately misleading the public. SAEditorsForum Pls act on this from a concerned citizen of Johannesburg. Also, please do likewise Real411orgza real411alert PressCouncil_SA bccsa