Oil gains on Middle East war concerns, US crude stockpile drop

Home Business Oil gains on Middle East war concerns, US crude stockpile drop 14-08-2024 10:08 AM Ammon News - Oil prices climbed on Wednesday after an industry report showed U.S. crude and gasoline inventories fell and as the market watched for a possible widening of the Israel-Gaza war, which may impact global oil supplies. Brent crude futures rose 56 cents, or 0.7%, to $81.25 a barrel by 0540 GMT. U.S. West Texas Intermediate crude increased by 59 cents, or 0.8%, to $78.94 per barrel. "The immediate market concern will be attacks on Iran's oil supply and infrastructure. Iran accounts for 3-4% of global oil demand, of which, 25-50% is exported." Falling inventories could indicate higher demand in the U.S., the world's biggest oil consumer. Official government data from the Energy Information Administration is due later on Wednesday. Capping oil price gains however, the International Energy Agency (IEA), kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption. Reuters

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Oil gains on Middle East war concerns, US crude stockpile drop

14-08-2024 10:08 AM

Ammon News - Oil prices climbed on Wednesday after an industry report showed U.S. crude and gasoline inventories fell and as the market watched for a possible widening of the Israel-Gaza war, which may impact global oil supplies.

Brent crude futures rose 56 cents, or 0.7%, to $81.25 a barrel by 0540 GMT. U.S. West Texas Intermediate crude increased by 59 cents, or 0.8%, to $78.94 per barrel.

"The immediate market concern will be attacks on Iran's oil supply and infrastructure. Iran accounts for 3-4% of global oil demand, of which, 25-50% is exported."

Falling inventories could indicate higher demand in the U.S., the world's biggest oil consumer.

Official government data from the Energy Information Administration is due later on Wednesday.

Capping oil price gains however, the International Energy Agency (IEA), kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption.

Reuters

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