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.
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.
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
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.
