![]() oil prices dropped by just over 7% last week, driven by worries over the economic outlook. “Even though the sharp decline in oil imports happened from a very high level and is attributable in part to special factors, it is unlikely to allay the doubts about the strength of the demand recovery,” Fritsch wrote. Oil prices had traded lower for much of Tuesday’s trading session pressured after data on China’s crude imports reportedly showed a decline in April and amid worries about an economic recession.ĭata released Tuesday showed China’s crude imports fell 16% to 10.36 million barrels a day in April, according to news reports, underlining concerns about the strength of demand from one of the world’s largest importers after Beijing lifted strict COVID-19 curbs at the end of 2022. “Everyone knew the White House needed to refill the SPR sooner than later given reserves are at a four-decade low,” Edward Moya, senior market analyst at OANDA, wrote in a market update, adding that the Biden administration was initially planning on filling up the reserve when prices were around the $70 region. Strategic Petroleum Reserve as soon as maintenance and repair work on the reserve were completed, said Phil Flynn, senior market analyst at The Price Futures Group. Oil prices saw a real turnaround Tuesday on reports that the Biden Administration planned to buy back oil for the U.S. The global benchmark, climbed 43 cents, or 0.6%, at $77.44 a barrel on ICE Futures Europe.Īdded 0.7% to $2.48 a gallon, while June heating oilĪdded 1.3% to $2.27 per million British thermal units after posting a gain of 4.7% Monday. ![]() Rose 55 cents, or nearly 0.8%, to settle at $73.71 a barrel on the New York Mercantile Exchange after trading as low as $71.34. West Texas Intermediate crude for June delivery ![]()
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