“Oil prices were little changed on Thursday as investors weighed firm expectations for winter fuel demand amid high U.S. fuel inventories and macroeconomic concerns. Reuters writes about it. Brent crude futures fell 3 cents to $76.13 a barrel. US West Texas Intermediate crude futures fell 10 cents to $73.22. Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a larger-than-expected rise in U.S. fuel inventories weighed on prices.Advertisement: JPMorgan analysts expect oil demand to rise 1.4 million bpd in January (b/d) on an annualized basis to 101.4 million b/d, primarily due to increased use of fuel for heating in the Northern Hemisphere. “Global oil demand is expected to remain strong during January, helped by colder-than-usual winter conditions that increase consumption of heating fuels and an earlier start to tourism activity in China due to the Lunar New Year celebrations “, analysts note. Official data from the Energy Information Administration (EIA) showed that U.S. gasoline and distillate stockpiles rose last week.Advertisement: Meanwhile, crude oil shipments from Saudi Arabia to China will fall in February from the previous month, trade sources said on Thursday, after , as the kingdom raised official oil prices to Asia for the first time in three months. We will remind: Oil prices rose on Wednesday due to a reduction in supplies from Russia and OPEC countries, as well as due to data that showed an unexpected increase in the number of vacancies in the United States, which indicates the activation of the economy and, accordingly, the growth of oil demand.”, — write: epravda.com.ua
Oil prices were little changed on Thursday as investors weighed firm expectations for winter fuel demand amid high U.S. fuel inventories and macroeconomic concerns. Reuters writes about it. Brent crude futures fell 3 cents to $76.13 a barrel. US West Texas Intermediate crude futures fell 10 cents to $73.22. Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a larger-than-expected rise in U.S. fuel inventories weighed on prices.Advertisement: JPMorgan analysts expect oil demand to rise 1.4 million bpd in January (b/d) on an annualized basis to 101.4 million b/d, primarily due to increased use of fuel for heating in the Northern Hemisphere. “Global oil demand is expected to remain strong during January, helped by colder-than-usual winter conditions that increase consumption of heating fuels and an earlier start to tourism activity in China due to the Lunar New Year celebrations “, analysts note. Official data from the Energy Information Administration (EIA) showed that U.S. gasoline and distillate stockpiles rose last week.Advertisement: Meanwhile, crude oil shipments from Saudi Arabia to China will fall in February from the previous month, trade sources said on Thursday, after , as the kingdom raised official oil prices to Asia for the first time in three months. We will remind: Oil prices rose on Wednesday due to the reduction of supplies from Russia and OPEC countries, as well as due to data that showed an unexpected increase in the number of vacancies in the US, which indicates the activation of the economy and, accordingly, the growth of oil demand.