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Oil Edges Higher on Recovery Signs

Category: Economy

Date: 2020-07-09T00:06:31+0000
Oil Edges Higher on Recovery Signs

Shafaq News/according to Reuters, Oil prices settled higher on Wednesday as U.S. gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections.

Brent crude futures settled 21 cents at $43.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 28 cents to settle at $40.90 barrel.

Both benchmarks were on track for the fourth session of daily percentage changes of less 1% in either direction, shrugging off news that OPEC member Libya was adding to global supplies by reopening its Es Sider oil terminal for exports.
Refinery utilization increased by 2% but was still hovering approximately 17% lower than in the same period last year.
“While a big draw on gasoline in the summertime is healthy, the U.S. is close to all-time record highs in crude oil and distillate storage, which is not as healthy,” said Bob Yawger, director of energy futures at Mizuho, according to Reuters.

 

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