Oil prices rose to a 13-week high

Views: 3     Author: Site Editor     Publish Time: 2022-06-10      Origin: Site

Reporters noted that crude oil futures rose Wednesday to their highest level in 13 weeks. U.S. gasoline demand continues to rise, along with expectations of higher overseas demand for crude and concerns about the supply outlook in several countries, boosting oil prices.

WTI crude was up 0.14% at $122.28 at press time. Oil was up 2.69 percent at $123.81.

The ENERGY Information Administration reported on Wednesday that U.S. commercial crude oil inventories unexpectedly rose last week, but EIA Strategic Petroleum Reserve inventories fell by a record 7.269 million barrels in the week ended June 3, as refinery inputs rose to their highest level since January 2020.

In addition, inventories at Cushing, Okla., the nation's largest storage center, fell 1.59 million barrels last week. Gasoline inventories also fell, while demand rose.

Rebecca Babin, senior energy trader at CIBC Private Wealth Management, said this week's government inventories report showed "implied gasoline demand is back to its five-year average". "Technical and fundamental factors are positive." WTI appears to be able to hold $120, a level it failed to hold in the past week, she said.


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