Oil ticks up as drop in US crude and gasoline stocks exceeds view

📆 28/06/2023 05:40:00
📰 ReutersAfrica

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Oil prices edged higher on Wednesday as markets worried about supply tightness in the U.S., the world's biggest oil consumer, after data showed a larger-than-expected draw in its crude and gasoline inventories.

Brent crude futures rose 32 cents, or 0.4%, to $72.58 a barrel at 0002 GMT, while U.S. West Texas Intermediate futures gained 23 cents, or 0.3%, to $67.94 a barrel.

Crude stocks fell by about 2.4 million barrels in the week ended June 23, according to the market sources, citing data from industry group American Petroleum Institute. Analysts had expected a draw of 1.76 million barrels. That comes after a clash between Moscow and Russian mercenary group Wagner led to concern about possible oil supply disruptions and as markets await Saudi Arabia'sOn the demand side, European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand.

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