Oil Strengthens as U.S. Crude and Gasoline Inventories Drop
Wednesday, 14 August 2024, 01:00
Oil Market Overview
Oil prices have recently gained momentum, driven by several critical market factors.
Key Drivers of Price Increase
- *i*Estimates of falling U.S. crude and gasoline inventories
- *i*Concerns over the Middle Eastern conflict affecting global supply
Current Price Movements
As of 0009 GMT, Brent crude futures have risen by 30 cents, reaching *b*$80.99 a barrel*b*.
Inventory Trends
- U.S. crude oil inventories are predicted to have decreased last week.
- Gasoline inventories are also expected to drop.
- Contrarily, distillate stocks are projected to have risen.
In conclusion, the dual impact of declining inventories and geopolitical tensions is likely to shape oil prices in the near future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.