O Petroleum rose more than 1% on Thursday after inventories of United States fell more than expected amid high fuel demand, overshadowing the OPEC+ to increase oil production to compensate for a drop in Russian production.
Prices were also supported by the sixth sanctions package from European Union Against the Russiawhich will include an immediate ban on new contracts for safe for ships carrying Russian oil and a six-month phasing out of existing contracts.
Brent crude futures closed up $1.32, or 1.1%, at $117.61 a barrel, while U.S. crude (WTI) rose $1.61, or 1.4%, to hit 116. .87 dollars.
U.S. crude and fuel inventories fell last week as demand continued to outstrip supply, with commercial oil inventories dwindling even as more strategic reserves entered the market, government data showed.
US crude inventories fell by 5.1 million barrels, compared with analysts’ expectations in a Reuters poll for a drop of 1.3 million barrels.
Oil prices fell earlier on Thursday as the Saudi Arabia and other OPEC+ states agreed to bring forward oil production increases to offset losses in Russian production in order to ease oil prices and inflation.
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I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.