Crude oil edges higher on supply concerns; API stocks rise

Investing.com -- Oil prices edged higher Wednesday, with elevated tensions in the Middle East providing support after U.S. inventories rose more than expected.Both crude contracts gained around 1% on Tuesday, after Israeli Foreign Minister Israel Katz warned of a possible"all out war" with Lebanon's Hezbollah, just as the country’s conflict with Hamas in Gaza appeared to be settling down.

Additionally, reports suggested a Ukrainian drone strike led to an oil terminal fire at a major Russian port, potentially impacting the supply of crude from this major supplier.This enhanced tension has overshadowed data showing an increase in domestic crude stocks just as many were expecting a pick up in demand in the summer driving season to result in falling inventories.fell by around 2.

Brent is then set to move to $80/bbl next year, UBS added, as OPEC+ starts to bring back production gradually from the second quarter.

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Similar News:همچنین می توانید اخبار مشابهی را که از منابع خبری دیگر جمع آوری کرده ایم، بخوانید.

Crude Oil shrugs off API stocks buildup, etches in another gain on TuesdayWest Texas Intermediate (WTI) US Crude Oil broke decisively above $80.00 per barrel on Tuesday as barrel traders shrugged off another build-up in American Petroleum Institute (API) Weekly Crude Oil Stocks.
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Oil inches up as war jitters outweigh surprise build in U.S. crude stocksOil inches up as war jitters outweigh surprise build in U.S. crude stocks
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