Oil prices
Oil prices soared by more than 1 percent, Wednesday, to reverse previous declines during the session, affected by surprising data on oil inventories in the United States of America.
US Energy Information Administration data revealed that oil inventories decreased by 9.6 million barrels in the latest week, to 453.7 million barrels.
Analysts had expected, in a Reuters poll, a decline of only 1.8 million barrels.
The administration said that crude stocks at the delivery center in Cushing, Oklahoma, rose 1.2 million barrels last week.
The administration added that the consumption of crude by US refineries decreased by 216 thousand barrels per day.
Refinery operating rates fell 0.9 percentage points in that week.
On the contrary, the administration’s data showed that gasoline inventories rose by 600 thousand barrels to 222 million barrels last week, compared to analysts’ expectations in a Reuters poll of a decline of 100 thousand barrels.
The administration’s data showed that distillate stocks, which include diesel and heating oil, rose by 100,000 barrels to 114.4 million barrels, compared to expectations for an increase of 800,000 barrels.
Net US imports of crude oil fell by 376,000 barrels per day last week.
price movements
Crude prices jumped Brent By 1.68 percent, by $1.22 to $73.75 a barrel, by 15:11 GMT, while Nymex crude prices rose by 1.95 percent, by $1.32 to $69.04 a barrel.
2023-06-28 15:11:15
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