Crude oil prices climb on positive US fuel demand data
时间:2024-06-17 01:53:17 阅读(143)
Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world’s top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09.
A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. However, investors remained cautious as rising global interest rates continued to drive recessionary fears.
The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Meanwhile, U.S. gasoline inventories fell by 3.2 million barrels last week, more much more than the 1.2 million barrel draw forecast by analysts, the latest data from the U.S. Energy Information Administration showed.
Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019. Still the uncertain economic backdrop clouds prospects going forward, said analysts at ANZ. “While U.S. inflation eased more than expected in April, there are fears the impact of recent rate hikes is only now surfacing in the U.S. economy,” the ANZ analysts said, adding bearish sentiment continues to permeate commodities markets amid lacking signs of stronger demand.
Meanwhile, investors are also eyeing detailed talks on raising the U.S. government’s $31.4 trillion debt ceiling that kicked off on Wednesday, with Republicans continuing to insist on spending cuts. The standoff has rattled investors, sending the cost of insuring exposure to U.S. government debt to record highs, as Wall Street grows more concerned about the risk of an unprecedented default.
上一篇:VinFast’s $2 billion factory to come up in Tamil Nadu, to manufacture 150,000 units a year
下一篇:Zerodha encounters technical glitches once again, company says issue resolved within an hour
猜你喜欢
- Adani Enterprises, Cipla, NTPC, Hindustan Zinc, SAIL, Adani Transmission, HDFC AMC stocks in focus
- Adani Enterprises may enter Nifty 50 in next semi-annual index review, LIC could see Nifty next 50 inclusion
- Adani Ports offers to buy back up to $195 mln of 2024 bond
- Crude oil little changed as Russian supply cuts support prices
- 52-week high, 52-week low- Reliance shares among 155 BSE stocks to hit fresh highs; Hariom Pipe at new low
- 5 dead as Japan Airlines plane burst into flames after massive collision at Tokyo Airport - Watch
- Wall Street indices S&P 500, Nasdaq end higher in choppy session as inflation data looms; yields fall
- Wall Street drops as investor jitters climb before CPI data Friday; 10-year yield rises
- Wall Street hunts for recession plays to weather potential 2023 turbulence