89256
Brent, WTI Prices Edge Up
Brent, WTI Prices Edge Up

Brent, WTI Prices Edge Up

Brent, WTI Prices Edge Up

Oil prices edged up on Wednesday following a report of tightening US fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States.
Prices were also pushed up by looming US sanctions against Iran, which threaten to cut supplies to an already tight market despite pledges by producer group OPEC to raise output to make up for the disruptions, CNBC reported.
US West Texas Intermediate crude rose 46 cents, or 0.6 %, to $74.60 a barrel, compared with their last settlement. On Tuesday, WTI hit its highest since November 2014 at $75.27.
Brent crude were changing hands at $78.10 per barrel, up 34 cents, or 0.4 %, from their last close.
US crude inventories fell by 4.5 million barrels to 416.9 million barrels in the week to June 29, the American Petroleum Institute said on Tuesday. Gasoline and distillate stocks, which include diesel and heating oil, also fell, the API said.
“The draw in distillates was against expectations,” said Sukrit Vijayakar, managing director of energy consultancy Trifecta.
The decline in fuel inventories was largely down to the outage at Syncrude Canada’s 360,000-bpd oil sands facility near Fort McMurray, Alberta. The outage is expected to last through July.

 

Short URL : https://goo.gl/YvZcY6
  1. https://goo.gl/h3gm7f
  • https://goo.gl/jYYS3h
  • https://goo.gl/QXXPjd
  • https://goo.gl/Q51GQV
  • https://goo.gl/M7egsU

You can also read ...

Canada Ships Biggest Oil Consignment to China
A tanker loaded with around 514,000 barrels of oil has set...
Japan to Toe US Line, Stop Iranian Oil Imports
Japanese oil distributors are preparing to stop importing...
Saudis Reap Benefit From US-China Trade War
Saudi Aramco is winning thanks to US President Donald Trump’s...
Oil Prices Set to Drop Over Excess Supply
Crude prices rose on Friday, but were still set for a weekly...
South Pars has 24 standard phases, most of which are fully operational.
The giant South Pars Gas Field in the Persian Gulf is slated...
7 Power Projects Take Off
Energy Minister Reza Ardakanian on Thursday inaugurated seven...
Oman to Finalize Gas Supply Contract by August
Tehran and Muscat are planning to sign a final agreement on...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus