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.
Wednesday 25 May 2022
BlackRock Names Board for #SaudiArabia Unit as It Expands in Kingdom - Bloomberg
BlackRock Names Board for Saudi Arabia Unit as It Expands in Kingdom - Bloomberg
BlackRock Inc. appointed a board of directors for its Saudi Arabia business as the world’s largest asset manager expands in the oil-rich kingdom.
Suliman Algwaiz will serve as chairman of BlackRock Saudi Arabia, while Mohammed Al Issa, the chief financial officer of Riyadh-based Assila Investments, will become an independent non-executive board member, according to a statement.
“The appointment of two such experienced professionals in Saudi Arabia underscores BlackRock’s commitment to the Kingdom and the opportunity that we see for our business there,” said Stephen Cohen, head of Europe, Middle East and Africa at BlackRock.
BlackRock’s ties to Saudi Arabia have been expanding as the country’s de facto ruler, Crown Prince Mohammed Bin Salman, has sought to get better returns on investment of the nation’s oil wealth, while also diversifying the economy and opening it up to more foreign capital.
BlackRock Inc. appointed a board of directors for its Saudi Arabia business as the world’s largest asset manager expands in the oil-rich kingdom.
Suliman Algwaiz will serve as chairman of BlackRock Saudi Arabia, while Mohammed Al Issa, the chief financial officer of Riyadh-based Assila Investments, will become an independent non-executive board member, according to a statement.
“The appointment of two such experienced professionals in Saudi Arabia underscores BlackRock’s commitment to the Kingdom and the opportunity that we see for our business there,” said Stephen Cohen, head of Europe, Middle East and Africa at BlackRock.
BlackRock’s ties to Saudi Arabia have been expanding as the country’s de facto ruler, Crown Prince Mohammed Bin Salman, has sought to get better returns on investment of the nation’s oil wealth, while also diversifying the economy and opening it up to more foreign capital.
Oil edges higher on tight supply, rising U.S. refining activity | Reuters
Oil edges higher on tight supply, rising U.S. refining activity | Reuters
Oil prices rose slightly 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 rose by 9 cents to $113.65 a barrel by 12:26 p.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude for July delivery rose 17 cents to $109.94 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 are going to continue to burn the crude as much as they can," said Phil Flynn, senior analyst at Price Futures Group. "The market should be concerned going into this holiday weekend because gasoline supplies are still very tight."
Oil prices rose slightly 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 rose by 9 cents to $113.65 a barrel by 12:26 p.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude for July delivery rose 17 cents to $109.94 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 are going to continue to burn the crude as much as they can," said Phil Flynn, senior analyst at Price Futures Group. "The market should be concerned going into this holiday weekend because gasoline supplies are still very tight."
Aramco Approached Valvoline About Potential Takeover of One of Its Units - WSJ
Aramco Approached Valvoline About Potential Takeover of One of Its Units - WSJ
State oil giant Saudi Aramco approached Valvoline Inc. about a potential takeover of one of its units, according to people familiar with the matter.
Talks are early-stage and there are no guarantees the two sides will reach agreement, they said. Valvoline has a market value of around $5.4 billion.
Valvoline said last October that it planned to separate its retail services and global products businesses. Aramco is interested in the global products business, one of the people said.
Shares of Valvoline rose 13% Wednesday after The Wall Street Journal reported on the talks.
Valvoline said in a statement that it continues to work on its separation process with the goal of setting both businesses up for long-term success and that no decisions have been made.
State oil giant Saudi Aramco approached Valvoline Inc. about a potential takeover of one of its units, according to people familiar with the matter.
Talks are early-stage and there are no guarantees the two sides will reach agreement, they said. Valvoline has a market value of around $5.4 billion.
Valvoline said last October that it planned to separate its retail services and global products businesses. Aramco is interested in the global products business, one of the people said.
Shares of Valvoline rose 13% Wednesday after The Wall Street Journal reported on the talks.
Valvoline said in a statement that it continues to work on its separation process with the goal of setting both businesses up for long-term success and that no decisions have been made.
#Saudi bourse outperforms Gulf peers; Egypt extends losses | Reuters
Saudi bourse outperforms Gulf peers; Egypt extends losses | Reuters
Saudi Arabia's stock market outperformed its Gulf peers on Wednesday, while the bourses in the region were mixed ahead of the latest Federal Reserve meeting minutes.
The U.S. Federal Reserve has vowed to act aggressively by hiking the cost of borrowing and minutes from its most recent meeting, due later, will be parsed for clues regarding the speed and extent of those actions.
Saudi Arabia's benchmark index (.TASI) advanced 2.3%, buoyed by a 3.2% jump in Al Rajhi Bank (1120.SE) and a 8.3% surge in Riyad Bank (1010.SE).
The kingdom's oil exports in March rose by 62.9 billion riyals ($16.77 billion), up 123%, while non-oil exports increased by over 25%.
The Saudi stock market has seen continued support from the strong local fundamentals as well as the higher oil prices. Investors could continue returning to the market to buy the dip, said Eman AlAyyaf, CEO of EA Trading.
Shares in the region lost ground in recent weeks amid anxiety about fast-rising inflation that will drive a sharp increase in interest rates and put global economic growth at risk.
In Abu Dhabi, the index (.FTFADGI) reversed early losses to finish 0.9% higher, supported by a 1.7% gain in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).
According to AlAyyaf, the Abu Dhabi index saw some support from the stronger oil prices.
"The market could also see some improvements thanks to Borouge's initial public offering (IPO) as it could attract investors and liquidity."
Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it has set the offer price for its IPO, which shows it could raise about $2 billion in the deal, and secured seven cornerstone investors. read more
The Qatari index (.QSI) eased 0.1%, with Qatar Islamic Bank (QISB.QA) losing 1.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated 1.6%, extending losses from the previous session, hit by a 2% fall in Commercial International Bank (COMI.CA).
Saudi Arabia's stock market outperformed its Gulf peers on Wednesday, while the bourses in the region were mixed ahead of the latest Federal Reserve meeting minutes.
The U.S. Federal Reserve has vowed to act aggressively by hiking the cost of borrowing and minutes from its most recent meeting, due later, will be parsed for clues regarding the speed and extent of those actions.
Saudi Arabia's benchmark index (.TASI) advanced 2.3%, buoyed by a 3.2% jump in Al Rajhi Bank (1120.SE) and a 8.3% surge in Riyad Bank (1010.SE).
The kingdom's oil exports in March rose by 62.9 billion riyals ($16.77 billion), up 123%, while non-oil exports increased by over 25%.
The Saudi stock market has seen continued support from the strong local fundamentals as well as the higher oil prices. Investors could continue returning to the market to buy the dip, said Eman AlAyyaf, CEO of EA Trading.
Shares in the region lost ground in recent weeks amid anxiety about fast-rising inflation that will drive a sharp increase in interest rates and put global economic growth at risk.
In Abu Dhabi, the index (.FTFADGI) reversed early losses to finish 0.9% higher, supported by a 1.7% gain in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).
According to AlAyyaf, the Abu Dhabi index saw some support from the stronger oil prices.
"The market could also see some improvements thanks to Borouge's initial public offering (IPO) as it could attract investors and liquidity."
Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it has set the offer price for its IPO, which shows it could raise about $2 billion in the deal, and secured seven cornerstone investors. read more
The Qatari index (.QSI) eased 0.1%, with Qatar Islamic Bank (QISB.QA) losing 1.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated 1.6%, extending losses from the previous session, hit by a 2% fall in Commercial International Bank (COMI.CA).
Israeli banking system stable but real estate loans too high -regulator | Reuters
Israeli banking system stable but real estate loans too high -regulator | Reuters
Israel's banking system is very stable, although there are some concerns that banks are underwriting too much in loans to real estate companies buying land, the country's banking regulator said on Wednesday.
"From a stability point of view, I am not concerned at all," Yair Avidan, the supervisor of banks at the Bank of Israel, told a news conference after publishing its 2021 annual report.
Still, the economic environment has changed, with the Ukraine conflict harming the supply chain and rising inflation and interest rates, potentially leading to more defaults, he noted. "The (financial) system right now is in very good shape, even though the two banks didn't pay dividends in the first quarter," Avidan said.
Of Israel's five largest banks, two opted against a quarterly dividend. One is paying 50% of net profit and two others will pay 20%, citing the need to retain capital for growth.
Israel's banking system is very stable, although there are some concerns that banks are underwriting too much in loans to real estate companies buying land, the country's banking regulator said on Wednesday.
"From a stability point of view, I am not concerned at all," Yair Avidan, the supervisor of banks at the Bank of Israel, told a news conference after publishing its 2021 annual report.
Still, the economic environment has changed, with the Ukraine conflict harming the supply chain and rising inflation and interest rates, potentially leading to more defaults, he noted. "The (financial) system right now is in very good shape, even though the two banks didn't pay dividends in the first quarter," Avidan said.
Of Israel's five largest banks, two opted against a quarterly dividend. One is paying 50% of net profit and two others will pay 20%, citing the need to retain capital for growth.
#Saudi EV plant likely to be one of three in kingdom, says minister | Reuters
Saudi EV plant likely to be one of three in kingdom, says minister | Reuters
An electric vehicle (EV) assembly plant to be built in Saudi Arabia is likely to be one of three in the kingdom, investment minister Khalid Al-Falih said on Wednesday.
United States-based EV maker Lucid Motors, which is more than 60% owned by Saudi Arabia's sovereign wealth fund, plans to build its first overseas production factory in Saudi Arabia later this year. The plant is expected eventually to produce up to 150,000 vehicles a year.
Falih, speaking at the World Economic Forum in Davos, gave no details on the other potential plants.
An electric vehicle (EV) assembly plant to be built in Saudi Arabia is likely to be one of three in the kingdom, investment minister Khalid Al-Falih said on Wednesday.
United States-based EV maker Lucid Motors, which is more than 60% owned by Saudi Arabia's sovereign wealth fund, plans to build its first overseas production factory in Saudi Arabia later this year. The plant is expected eventually to produce up to 150,000 vehicles a year.
Falih, speaking at the World Economic Forum in Davos, gave no details on the other potential plants.
Oil edges higher on tight supply and expected demand uplift | Reuters
Oil edges higher on tight supply and expected demand uplift | Reuters
Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world's biggest crude consumer.
Brent crude futures for July rose for a fifth session running, gaining 99 cents, or 0.87%, to $114.55 a barrel by 1208 GMT.
U.S. West Texas Intermediate (WTI) crude for July delivery rose $1.16, or 1.06%, to $110.93.
Oil prices are gaining support from tight gasoline supply, with inventories of the refined oil product down by 4.2 million barrels last week, market sources said on Tuesday, citing American Petroleum Institute figures.
Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world's biggest crude consumer.
Brent crude futures for July rose for a fifth session running, gaining 99 cents, or 0.87%, to $114.55 a barrel by 1208 GMT.
U.S. West Texas Intermediate (WTI) crude for July delivery rose $1.16, or 1.06%, to $110.93.
Oil prices are gaining support from tight gasoline supply, with inventories of the refined oil product down by 4.2 million barrels last week, market sources said on Tuesday, citing American Petroleum Institute figures.
#Oman's external funding needs for 2022 already met - finance ministry | Reuters
Oman's external funding needs for 2022 already met - finance ministry | Reuters
Oman's finance ministry said its external funding requirements for the year have already been met, according to a presentation for investors reviewed by Reuters.
"Oman may strategically undertake domestic funding exercise(s) to develop its yield curve," the ministry said.
Oman's finance ministry said its external funding requirements for the year have already been met, according to a presentation for investors reviewed by Reuters.
"Oman may strategically undertake domestic funding exercise(s) to develop its yield curve," the ministry said.
Tadawul Index: #SaudiArabia Stocks Head for Worst Month Since Start of Pandemic - Bloomberg
Tadawul Index: Saudi Arabia Stocks Head for Worst Month Since Start of Pandemic - Bloomberg
Stocks listed in Saudi Arabia are poised for their worst month since the start of the pandemic as investors succumb to global risk-off sentiment amid recession fears.
The benchmark Tadawul All Share Index has declined 10% in May, nearly twice as much as the MSCI Emerging Markets gauge, and on track for its biggest monthly slide since March 2020. Banks accounted for the biggest drag as investors offloaded lenders with lofty valuations during a global equities correction.
“Investors are taking money off the table looking at the strong bout of selling in the international market,” said Faisal Hasan, chief investment officer at Al Mal Capital in Dubai. Still, the economic backdrop in the kingdom should stay strong as oil prices remain elevated and the second half of the year could provide some reprieve to Saudi shares, he said.
Even after the selloff, the Saudi stock index is the eighth-best performer in the world this year, in US dollar terms. Investors had flocked to the kingdom’s shares as its economy got a boost from soaring oil prices and government reforms.
Stocks listed in Saudi Arabia are poised for their worst month since the start of the pandemic as investors succumb to global risk-off sentiment amid recession fears.
The benchmark Tadawul All Share Index has declined 10% in May, nearly twice as much as the MSCI Emerging Markets gauge, and on track for its biggest monthly slide since March 2020. Banks accounted for the biggest drag as investors offloaded lenders with lofty valuations during a global equities correction.
“Investors are taking money off the table looking at the strong bout of selling in the international market,” said Faisal Hasan, chief investment officer at Al Mal Capital in Dubai. Still, the economic backdrop in the kingdom should stay strong as oil prices remain elevated and the second half of the year could provide some reprieve to Saudi shares, he said.
Even after the selloff, the Saudi stock index is the eighth-best performer in the world this year, in US dollar terms. Investors had flocked to the kingdom’s shares as its economy got a boost from soaring oil prices and government reforms.
#Dubai cooling firm Empower invites banks to pitch for IPO -sources | Reuters
Dubai cooling firm Empower invites banks to pitch for IPO -sources | Reuters
Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said.
Empower, which is part owned by Dubai Electricity and Water Authority (DEWA) (DEWAA.DU), has asked banks to pitch for joint global coordinator roles and respond by next week, said the sources, declining to be named as the matter is not public.
The request was made by Moelis & Co (MC.N), which is acting as financial advisor on behalf of Empower, they said.
Empower and DEWA and Moelis did not immediately respond to requests for comment when contacted by Reuters on Wednesday.
District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings.
Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. The ruler named Empower as part of those plans in December.
Dubai's Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said.
Empower, which is part owned by Dubai Electricity and Water Authority (DEWA) (DEWAA.DU), has asked banks to pitch for joint global coordinator roles and respond by next week, said the sources, declining to be named as the matter is not public.
The request was made by Moelis & Co (MC.N), which is acting as financial advisor on behalf of Empower, they said.
Empower and DEWA and Moelis did not immediately respond to requests for comment when contacted by Reuters on Wednesday.
District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings.
Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. The ruler named Empower as part of those plans in December.
Peninsula Poised to Drop London IPO Plan in Favor of #UAE Listing - Bloomberg
Peninsula Poised to Drop London IPO Plan in Favor of UAE Listing - Bloomberg
Peninsula Real Estate is poised to abandon plans for a London listing in favor of an offering in Abu Dhabi, people familiar with the matter said, highlighting the growing allure of capital markets in the oil-rich Arab Gulf.
The company has picked Emirates NBD PJSC, First Abu Dhabi Bank PJSC, HSBC Holdings Plc and Morgan Stanley to help manage the share sale in the United Arab Emirates capital, said the people, who declined to be identified since the information is private.
Peninsula and Emirates NBD declined to comment. Representatives for First Abu Dhabi Bank, HSBC and Morgan Stanley weren’t immediately available for comment.
Peninsula was initially considering listing a $1 billion real estate investment trust in London, in a deal that would have made it the first company with significant UAE assets to do since 2019. The firm has been working with investment bank Evercore Inc. and law firm Clifford Chance.
An Abu Dhabi listing for Peninsula would be the latest share sale in a region that’s sidestepped the worst of the market volatility seen around the world. High oil prices and abundant liquidity have helped bolster capital markets activity in the Gulf, which has seen a string of listings, including the year’s second biggest.
At the same time, property prices in both the residential and office space markets have soared across the Middle East as regional economies bounce back from the pandemic. Peninsula is courting cash-rich Gulf investors from family offices to sovereign wealth funds who are expected to pour funds into the regional real estate sector.
Peninsula Real Estate is poised to abandon plans for a London listing in favor of an offering in Abu Dhabi, people familiar with the matter said, highlighting the growing allure of capital markets in the oil-rich Arab Gulf.
The company has picked Emirates NBD PJSC, First Abu Dhabi Bank PJSC, HSBC Holdings Plc and Morgan Stanley to help manage the share sale in the United Arab Emirates capital, said the people, who declined to be identified since the information is private.
Peninsula and Emirates NBD declined to comment. Representatives for First Abu Dhabi Bank, HSBC and Morgan Stanley weren’t immediately available for comment.
Peninsula was initially considering listing a $1 billion real estate investment trust in London, in a deal that would have made it the first company with significant UAE assets to do since 2019. The firm has been working with investment bank Evercore Inc. and law firm Clifford Chance.
An Abu Dhabi listing for Peninsula would be the latest share sale in a region that’s sidestepped the worst of the market volatility seen around the world. High oil prices and abundant liquidity have helped bolster capital markets activity in the Gulf, which has seen a string of listings, including the year’s second biggest.
At the same time, property prices in both the residential and office space markets have soared across the Middle East as regional economies bounce back from the pandemic. Peninsula is courting cash-rich Gulf investors from family offices to sovereign wealth funds who are expected to pour funds into the regional real estate sector.
#Saudi leads Gulf bourses higher; #AbuDhabi eases | Reuters
Saudi leads Gulf bourses higher; Abu Dhabi eases | Reuters
Saudi Arabia's stock market led Gulf bourses higher in early trade on Wednesday, in line with Asian shares and oil prices, although the Abu Dhabi index bucked the trend and inched down.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.35%, despite global growth concerns and weak U.S. economic data weighed on Wall Street overnight.
Saudi Arabia's benchmark index (.TASI) advanced 1.6%, with Al Rajhi Bank (1120.SE) and oil behemoth Saudi Aramco (2222.SE) rising 2.5% and 2%, respectively.
The kingdom's oil exports in March rose by 62.9 billion riyals ($16.77 billion), up 123%, while non-oil exports increased by over 25%.
Dubai's main share index (.DFMGI) gained 0.8%, driven by a 1.5% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.6% increase in top lender Emirates NBD (ENBD.DU).
The Qatari index (.QSI) added 0.1%, helped by a 2.2% leap in Qatar National Bank (QNBK.QA), the Gulf's biggest lender.
Oil prices, a key catalyst for the Gulf's financial market, rose buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer.
Bucking the trend, the Abu Dhabi index (.FTFADGI) eased 0.1%, hit by a 0.6% fall in conglomerate International Holding Co (IHC.AD).
The United Arab Emirates announced on Tuesday the first case of monkeypox detected in the country, state news agency WAM reported, citing the health ministry. read more
Saudi Arabia's stock market led Gulf bourses higher in early trade on Wednesday, in line with Asian shares and oil prices, although the Abu Dhabi index bucked the trend and inched down.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.35%, despite global growth concerns and weak U.S. economic data weighed on Wall Street overnight.
Saudi Arabia's benchmark index (.TASI) advanced 1.6%, with Al Rajhi Bank (1120.SE) and oil behemoth Saudi Aramco (2222.SE) rising 2.5% and 2%, respectively.
The kingdom's oil exports in March rose by 62.9 billion riyals ($16.77 billion), up 123%, while non-oil exports increased by over 25%.
Dubai's main share index (.DFMGI) gained 0.8%, driven by a 1.5% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.6% increase in top lender Emirates NBD (ENBD.DU).
The Qatari index (.QSI) added 0.1%, helped by a 2.2% leap in Qatar National Bank (QNBK.QA), the Gulf's biggest lender.
Oil prices, a key catalyst for the Gulf's financial market, rose buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world's biggest crude consumer.
Bucking the trend, the Abu Dhabi index (.FTFADGI) eased 0.1%, hit by a 0.6% fall in conglomerate International Holding Co (IHC.AD).
The United Arab Emirates announced on Tuesday the first case of monkeypox detected in the country, state news agency WAM reported, citing the health ministry. read more
Oil edges higher on tight supply and expected demand uplift | Reuters
Oil edges higher on tight supply and expected demand uplift | Reuters
Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world's biggest crude consumer.
Brent crude futures for July rose for a fifth session running, gaining $1.69, or 1.5%, to $115.25 a barrel by 0940 GMT.
U.S. West Texas Intermediate (WTI) crude for July delivery rose $1.86, or 1.7%, to $111.63.
Oil prices are gaining support from tight gasoline supply, with inventories of the refined oil product down by 4.2 million barrels last week, market sources said on Tuesday, citing American Petroleum Institute figures.
Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world's biggest crude consumer.
Brent crude futures for July rose for a fifth session running, gaining $1.69, or 1.5%, to $115.25 a barrel by 0940 GMT.
U.S. West Texas Intermediate (WTI) crude for July delivery rose $1.86, or 1.7%, to $111.63.
Oil prices are gaining support from tight gasoline supply, with inventories of the refined oil product down by 4.2 million barrels last week, market sources said on Tuesday, citing American Petroleum Institute figures.