NEW YORK, Aug 7 (Reuters) -
Oil prices rose another 2% on Wednesday, rebounding from multi-month lows in the US. following an analysis of oil prices. After a much-anticipated decline in gas supplies. The increase was achieved despite patience issues with weak oil demand in China.
Until 1:35 p.m. EDT (1735 GMT), Brent crude futures rose $1.84, or 2.forty-one%, to $78.32 a barrel. Meanwhile, the U.S. West Texas Intermediate (WTI) crude changed $1.96 or 2.68% to $75.16 a barrel.
U.S. government data showed six consecutive weekly declines in gasoline production, falling 3.7 million barrels to 429.3 million barrels, totally beating analysts’ expectations of seven million barrels based on a Reuters poll
“The bottom line is that demand is stronger than expected, and supply is stronger on average,” said Phil Flynn, an analyst at Price Futures Group. "Crude oil supplies are below seasonal averages."
Industry records from the American Petroleum Institute earlier confirmed an unexpected increase in crude oil and oil inventories.
Earlier in the week, Brent crude fell to its lowest level since early January, WTI fell to its lowest level since February on poor business data but two oil contracts ended in three losing streaks on Monday has serious concerns about a potential downturn in the US. in the 1990s.
“Monday’s recovery after a sharp decline suggests this was a temporary event rather than a market crash,” said Tim Snyder, chief economist at Matador Economics.
In addition, production from the Sharara oil field in Libya has dropped to 300,000 barrels per day (bpd) raising concerns about supply shortages Libya National Oil Corporation. said. announced some unexpected momentum at its Sharara oil refinery from Aug. 10 onwards. 7 because of opposition, then gradually production declined.
Tensions in the Middle East continue to exacerbate supply problems. The region is preparing for a possible retaliatory attack by Iran and its allies following the recent executions of senior members of Hamas and Hezbollah. There is grave concern that the conflict in Gaza could escalate into a wider Middle East war.
U.S. officials are in constant contact with allies and partners in the region, with Secretary of State Anthony Blinken saying Tuesday that there is a “clear intention” to escalate the situation.
Earlier in the week, Brent crude plunged to its lowest level since early January, and WTI reached its lowest level since February amid heightened concerns about a possible slowdown in the US. due to weak operating data but two oil deals ended three losing seasons Monday.
“Monday’s recovery after a sharp decline suggests this was a temporary event rather than a market crash,” said Tim Snyder, chief economist at Matador Economics.
In addition, production from Libya's Sharara oil refinery has fallen to 300,000 barrels per day (bpd) raising concerns about supply shortages Libya National Oil Corp. said. announced some unexpected momentum at its Sharara oil refinery from Aug. 10 onwards. 7 because of opposition, then gradually production declined.
Tensions in the Middle East continue to exacerbate supply problems.The region is bracing for a possible retaliatory attack by Iran and its allies following the recent killings of senior members of Hamas and Hezbollah. There is grave concern that the conflict in Gaza could escalate into a wider Middle East war.
U.S. officials are in constant contact with allies and partners in the region, with Secretary of State Anthony Blinken saying Tuesday that there is a “clear intention” to escalate the situation.
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