Home Uncategorized Oil rises 3% on US fuel demand and tight supply

Oil rises 3% on US fuel demand and tight supply

Oil rises 3% on US fuel demand and tight supply

Oil prices rose about 3% on Thursday, as positive economic data and robust US fuel consumption offset concerns that slowing economic growth elsewhere could dampen demand.

Brent futures rose $2.94, or 3.1%, to $96.59 a barrel, while U.S. WTI crude was up $2.39, or 2.7%, to $90. .50.

Prices rose by more than 1% during the previous session, although Brent fell to its lowest level since February, with signs of a slowdown increasing in some places.

“Oil prices rose after another round of impressive US economic data boosted optimism for an outlook for improving oil demand,” said Edward Moya, senior market analyst at data and analysis firm OANDA, adding that OPEC did not will allow the recent pullback in oil prices to continue much longer.

The new secretary general of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, told Reuters that policymakers, lawmakers and insufficient investment in the oil and gas sector are to blame for the high energy prices, not the cartel. .

Al Ghais said that at its next meeting in September, OPEC+, which includes other oil suppliers like Russia, “could cut production if necessary, we could increase production if necessary… It all depends on how things play out.”

Source: CNN Brasil



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