Crude oil climbs 3rd day on subdued dollar, US crude stocks’ drop
时间:2024-06-17 21:04:55 阅读(143)
Oil prices rose early on Wednesday, extending gains from the previous two days, as the dollar fell after Federal Reserve Chair Jerome Powell sounded less hawkish on interest rates than markets had expected and as U.S. crude stocks surprisingly fell. Brent crude futures inched up by 11 cents, or 0.1%, to $83.80 a barrel at 0119 GMT, adding to a 3.3% gain in the previous session.
U.S. West Texas Intermediate (WTI) crude futures advanced by 13 cents, or 0.2%, to $77.27 a barrel, after jumping 4.1% in the previous session. The dollar index was down slightly at 103.29 in early trade, extending losses after Powell’s comments on Tuesday, making oil cheaper for those holding other currencies.
“If we have stronger than expected growth out of the developing world, (oil) prices will be firmer and OPEC will have to step up output. That’s not our core view. We don’t see a big surge in demand,” he said.
Supporting the market, weekly inventory data from the American Petroleum Institute industry group showed crude stocks fell by about 2.2 million barrels in the week ended Feb. 3, according to market sources.That defied expectations from nine analysts polled by Reuters, who had estimated crude stocks grew by 2.5 million barrels.
However, gasoline and distillate inventories rose more than expected, with gasoline stocks up by about 5.3 million barrels and distillate stocks, which include diesel and heating oil, up by about 1.1 million barrels. The market will be looking to see if data from the U.S. Energy Information Administration, due at 1530 GMT, confirms the decline in crude stocks.
上一篇:Larsen & Toubro Rating- Buy - Poised for rapid growth scale-up
下一篇:Zomato, PNB, KPI Green Energy, TVS Motor, TCS, Apollo Hospitals, Wipro stocks in focus on F&O expiry
猜你喜欢
- KwikFix Auto expands network to over 1,200 touchpoints in Mumbai
- Rupee vs US Dollar outlook- Fundamentals, technical charts signal more fall in INR in near-medium term
- Rupee to appreciate this week till 77
- JPMorgan holds off on adding India to bond index, keeps on watch
- Nifty to stay strong above 16800, but break below 16400 may invite bears; use Iron Butterfly for F&O expiry
- Rupee opens higher, may appreciate further on weakness is US dollar, risk-on sentiments in equity markets
- Nifty, Sensex end at record highs amid dovish Fed, positive PMI; could see consolidation at higher levels
- Safeguarding maritime security- Indian Navy’s vigilance in the Arabian Sea
- Learner’s Park; A fulfilling career often sprouts from genuine enthusiasm, says Dhruv Galgotia of Galgotias University