Email Us
Click to Chat
Arabic
← Back

Oil nudged up on robust fuel demand, supply worries lingered

By Rana Gharib
14 Mar,2024
Oil nudged up on robust fuel demand, supply worries lingered

Oil soared on Thursday, buoyed by solid US demand triggered by thw gasoline stocks that touched the lowest level in three months, the unpredicted dip of crude stockpiles, with lingered supply worries following Ukrainian strike on Russian refineries

Brent crude advanced by 0.13%, to $84.14 per barrel, while US WTI climbed 0.13%, to $79.82 per barrel.

The two contracts soared by 3% touching four-month peak on Wednesday, due to the increased demand outlook in the U.S. and escalated geopolitical risk.

According to the EIA, the gasoline inventories in the US dipped for the sixth week in a row, plunging by 5.7 million per barrels.

As the US brought average of 3.25 million barrels of oil for the country's Strategic Petroleum Reserve for August delivery, this bolstered hopes on the demand side.

Speaking of the supply aspect, For the second consecutive day on Wednesday, Ukrainian drone strikes targeted Russian refining facilities, resulting in a fire at Rosneft's largest refinery. This represents one of the most significant attacks on Russia's energy sector in recent months.

Register now to receive daily update about market:

Related Articles

ATFX is a world-leading CFD broker in online trading into global markets. ATFX offers over 500 CFD instruments for global investors to trade. By putting the safety of all our global investors’ funds as a top priority and providing an efficient, safe experience of deposits and withdrawals ...

Learn More

 
Follow Us
The Ultimate Trading Research Portal. Powered by ATFX. © Copyright 2024 ATFX

Disclaimer - AT Premier is a provider of Training and General Research Information and is not an authorised or regulated entity.

The AT Premier Brand and assets are fully owned by ATFX, which is a co-brand shared by AT Global Markets Intl Ltd, among others. AT Global Markets Intl Ltd is authorized and regulated by the Financial Services Commission with license number C118023331. The Registered Office: G08, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius.

This information has been produced by a third party, for general information purposes only, and is not indicative of future results. AT Global Markets Intl Ltd takes no responsibility for its accuracy or completeness. Any opinions expressed do not reflect those of AT Global Markets Intl Ltd. This information does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should seek independent advice before making investment decisions. Reproduction of this information, in whole or in part, is not permitted.
You should only engage in CFDs if you are prepared to accept a high degree of risk, and in particular the risks outlined in this Notice. You must be prepared to sustain a loss in excess of your deposited funds with us as well as any losses, charges (such as interest) and any other amounts (such as costs) we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin.

The data and other content and information available through the ATPREMIER is intended for informational purposes only and must not be considered investment advice. To the extent that some materials suggest investment strategies, they do so in only general terms without reference to the personal factors that should determine client or client's customers' investment decisions to buy or sell a specific security or currency. ATPREMIER  does not ever give investment advice or advocate the purchase or sale of any security or investment, and investors act on information received from the ATPREMIER at their own risk. ATPREMIER FURNISH THE INFORMATION ON AN "AS IS", "AS AVAILABLE" BASIS AND WITHOUT WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, Warranty OF TITLE OR IMPLIED WARRANTY OF MERCHANTABILIY OR FITNESS FOR A PARTICULAR PURPOSE.