Thursday, February 29, 2024

Oil rises 1% as stocks fall

Date:

D + D – Normal size

Oil prices rose in early Asian trade on Wednesday after industrial data showed a decline in U.S. crude oil and fuel stocks, which raised supply concerns.

The price hike comes on the heels of reports on Tuesday that the European Union was preparing to impose new sanctions on Russia over its occupation of Ukraine, targeting the Russian oil sector.

European Commission President Ursula van der Leyen will announce the plans on Wednesday, officials said.

00:01 At GMT, Brent crude was up 90 cents, or 0.9 percent, at $ 105.87 a barrel. West Texas Intermediate crude futures rose one dollar or one percent to $ 103.41 a barrel.

U.S. crude and fuel stocks fell last week, citing U.S. Petroleum Company data, according to market sources. Sources said crude oil stocks fell 3.5 million barrels in the week ended April 29.

The U.S. government releases inventory data on Wednesday.

In the previous session, oil prices fell more than 2% due to concerns over demand due to prolonged closure measures in China to combat Govt-19.

Print
Email




See also  Stock liquidity in 3 sessions exceeded 5.3 billion dirhams
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...