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Monday, June 5, 2023

Oil Prices Hit 4-month high on Rising U.S. Crude Imports

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Oil futures gained on Wednesday, lifting prices to their highest finish since March, as a rise in U.S. crude imports and a weekly fall in gasoline supplies suggested an improvement in energy demand, even as domestic crude inventories posted a surprise climb.

West Texas Intermediate crude for August climbed by 28 cents, or 0.7%, to settle at $40.90 a barrel on the New York Mercantile Exchange, after ending virtually unchanged on Tuesday.

Global benchmark Brent oil for September tacked on 21 cents, or 0.5%, at $43.29 a barrel on the ICE Futures Europe exchange.

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 5.7 million barrels for the week ended July 3.

That followed a fall of 7.2 million barrels the week before and compared with a forecast by analysts polled by S&P Global Platts for an average decline of 3.7 million barrels.

The American Petroleum Institute on Tuesday reported an increase of about 2 million barrels.

Total net petroleum imports stood at 5.01 million barrels per day, up from 2.88 million a week earlier, EIA data show. Imports of commercial crude oil were at 7.39 million barrels per day, up from 5.97 million.

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