Brent crude for September delivery took 21 cents, or 0.5%, to finish at $ 43.29. The WTI for August appreciated 28 cents, or 0.7%, to $ 40.90.
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Oil prices ended slightly higher on Wednesday, supported by a marked drop in gasoline stocks in the United States, the world’s largest consumer of black gold.
In London, a barrel of Brent North Sea crude for September delivery took 21 cents, or 0.5%, to finish at $ 43.29.
In New York, the American barrel of WTI for the month of August appreciated by 28 cents, or 0.7%, to close at 40.90 dollars.
Prices faltered just after the US Department of Energy’s weekly report on petroleum product stocks in the country was released.
A positive factor for prices: gasoline reserves fell by 4.8 million barrels during the week ending July 3, a sign that demand has picked up again.
The refineries have further increased their rate, the latter now operating at 77.5% of their capacity.
But imports jumped from 6 million barrels per day (MBJ) to 7.4 MBJ, while exports fell from 3.1 MBJ to 2.4 MBJ.
As a result, crude inventories rose 5.7 million barrels (MB) in the country to 539.2 MB.
The reserves of distilled products (heating oil and diesel) also increased, by 3.1 million barrels.
The level of crude oil extraction has stabilized at 11 MBJ.
“With US production not showing further reductions and demand growth slowing due to new Covid-19 surges in large states such as Texas, Florida and California, crude oil is likely to continue to experience difficulties to climb well above 40 dollars “in New York, advance Bart Melek of TD Securities.
“The market is waiting to see if demand will continue to recover and will not be affected by a second wave of Covid-19 cases,” he adds.
The United States crossed the barrier of three million cases of new coronavirus on Wednesday.
“If crude inventories are currently on the rise even though the restraint measures are quite loose, market participants are concerned about what will happen to demand if the authorities again impose extensive restraint measures. containment, ”says Louise Dickson, analyst at Rystad Energy.
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