News Formal

Oil rises on US crude stocks data

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 61%

South Africa News News

Oil prices rose on Thursday as robust US fuel consumption data and expected falls in Russian supply late in the year offset concerns that a possible looming recession could undercut demand.

Brent crude futures climbed $1.43, or 1.5%, to $95.08 a barrel by 0900 GMT. US crude futures gained $1.15, or 1.3%, to $89.26 a barrel.

British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households. Bans by the European Union on Russian seaborne crude in December and on products imports early next year could dramatically tighten supply and drive up prices, analysts warn.

 

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:

 /  🏆 16. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Oil rises on US crude stocks dataOil prices rose on Thursday as robust US fuel consumption data and expected falls in Russian supply late in the year offset concerns that a possible looming recession could undercut demand.
Source: RTEbusiness - 🏆 16. / 61 Read more »