Oil gains 1% after US crude draw, lukewarm inflation data

TheStar Thu, May 16, 2024 06:46am - 3 days View Original


Brent futures rose 37 cents, or 0.5%, to settle at US$82.75 a barrel, while US West Texas Intermediate crude (WTI) gained 61 cents, or 0.8%, to end at US$78.63.

NEW YORK: Oil prices rose nearly 1% on Wednesday from a two-month low in the prior session as the market balanced bullish US economic and crude storage data against the International Energy Agency's (IEA) forecast for weaker global oil demand growth.

Brent futures rose 37 cents, or 0.5%, to settle at US$82.75 a barrel, while US West Texas Intermediate crude (WTI) gained 61 cents, or 0.8%, to end at US$78.63.

That cut the premium of Brent over WTI to its lowest since March 28. A narrower premium makes it less profitable for energy companies to send vessels to the US to pick up crude cargoes for export.

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