U.S. crude inventories rise less than expected
Oil futures rose Wednesday after Saudi Arabia raised prices for crude sold in Asia, its largest market, and extended gains after official data showed U.S. crude inventories rose less than expected last week.
Analysts surveyed by S&P Global Commodity Insights, on average, had expected crude inventories to show a rise of 3.7 million barrels, while gasoline stocks were expected to drop 2.3 million barrels and distillates were forecast to fall 800,000 barrels. State producer Saudi Arabian Oil Co. 2222, +0.16%, known as Aramco, said Wednesday morning that it raised the official selling price of its flagship Arab Light crude for Asia by 20 cents a barrel to $1.70 a barrel over the benchmark price for April. That was higher than average market expectations for a premium of around $1.50 a barrel, Ewa Manthey and Warren Patterson, commodity strategists at ING, said in a note.
“Despite climbing oil inventories over the past few weeks, oil prices have been displaying stronger than expected strength,” Peter Cardillo, chief market economist at Spartan Capital, said in a note.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of JuneSeveral members of the OPEC+ alliance had in November voluntary supply cuts totaling 2.2 million-barrel-per-day cut for the first quarter of this year.
Baca lebih lajut »
OPEC+ extends oil-production cuts, signaling no rush to restore lost volumeSaudi Arabia rolls over 1 million-barrels-a-day cut
Baca lebih lajut »
Saudi Arabia’s Bold Leap: Shaping The Future Of AI At FII Miami SummitMr. Minevich is a highly regarded and trusted Digital Cognitive Strategist, Artificial Intelligence expert, Venture Capitalist, and the principal founder of Going Global Ventures.
Baca lebih lajut »
Saudi Arabia ascending luxury ranks: The Future Laboratory, Together GroupThe nation offers a budding creative economy and growing UHNW base, boasting one of the youngest populations worldwide, according to a soon-to-launch trend report.
Baca lebih lajut »
Trump could deliver lower oil prices but ‘mixed stories’ for oil and gas stocksWith a Biden-Trump rematch looking likely, here’s how the 2024 presidential race might shake up the fossil-fuel sector
Baca lebih lajut »
Cristiano Ronaldo suspended for one match over alleged offensive gesture in Saudi gameCristiano Ronaldo has been suspended for one match for making an alleged offensive gesture during a Saudi Arabia league game while playing for Al Nassr in the Saudi Pro League. The suspension was announced in Riyadh, Saudi Arabia, where the match took place.
Baca lebih lajut »