Oil edges higher on tight supply, rising U.S. refining activity | Reuters
Oil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started.
Brent crude futures for July settled up 47 cents to $114.03 a barrel, while U.S. West Texas Intermediate (WTI) crude for July delivery ended up 56 cents to $110.33 a barrel.
U.S. crude stockpiles fell 1 million barrels last week, the government said, with gasoline inventories also sliding modestly. Distillate stocks rose by 1.7 million barrels. Refiners picked up the pace of processing, boosting capacity use to 93.2%, its highest since December 2019.
Refiners have had to keep facilities running at full-tilt to deal with heavy demand, especially from overseas, as refined product exports rose to more than 6.2 million barrels per day last week. High exports and a reduction in refining capacity means gasoline stocks have dwindled in the United States.
No comments:
Post a Comment