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Thursday, September 29, 2022

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    Oil seesaw: barrel price rises as US fuel inventory drops

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    Oil prices rise again despite US fuel deflation (Image: REUTERS/Sergio Moraes)

    The price of a barrel of oil advanced again in the last hours of this Wednesday’s trading session (10), reflecting a greater-than-expected drop in gasoline inventories and an increase in refinery utilization. The data are from the United States government energy agency.

    The announcement that alludes to a residual recovery in demand managed to neutralize the downward trend that prevailed during the first half of the trading session, after inflation data indicated widespread deflation of fuels.

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    Around 16:30, WTI and Brent advanced, in that order, 1.28% and 0.91%.

    Oil companies have recovered and show progress

    The effect of the oil price spike was not translated evenly among the oil giants, having a more concentrated effect on American companies.

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    At the close of the London market, British Shell (SHEL) and British Petroleum (BP) fell – 0.69% and -0.31%, respectively. Petrobras (PETR4) drops 0.51%, following British peers.

    American companies Chevron (CVX) and ExxonMobil (XOM) have moderate increases of 0.14% and 0.98%, respectively.

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    Source: Moneytimes

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