Business and Economy
Oil prices up over fears of weak oil demand in US
US commercial crude oil inventories increased by around 19 million barrels to 439.6 million barrels, according to Energy Information Administration (EIA) data. (File photo: Chris LeBoutillier/Unsplash)
ANKARA – Oil prices slightly rose on Thursday over demand worries after a higher-than-expected increase in oil stockpiles in the United States, the world’s largest oil consumer.
International benchmark Brent crude traded at $82.75 per barrel at 9:22 a.m. local time (0622GMT), a 0.10 percent increase from the closing price of $82.67 a barrel in the previous trading session.
The American benchmark West Texas Intermediate traded at $77.48 per barrel at the same time, a 0.09 percent increase after the previous session closed at $77.41 a barrel.
US commercial crude oil inventories increased by around 19 million barrels to 439.6 million barrels, according to Energy Information Administration (EIA) data.
Market expectation was a decline of around 2.4 million barrels.
An increase in crude stocks signaled falling crude demand in the US and weighed on oil prices.
Renewed hopes of a demand increase in China, the world’s biggest oil importer, supported upward price movements while growing fears about further interest rate hikes in the US limited further price upticks. (Anadolu)
