Strong U.S. Oil Demand International oil prices rose on June 8

The decline in gasoline inventories in the United States last week shows that demand remains strong, and the price of international crude oil futures rose slightly in the overnight market, expanding in early trading on the 8th, and then consolidating in a narrow range, and international oil prices rose
at the close.

Light crude futures for July delivery rose $2.
70, or 2.
26%,
to settle at $122.
11 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for August delivery rose $3.
01, or 2.
50%, to settle at $123.
58 a barrel
.

Data released by the US Energy Information Administration on the 8th showed that US commercial crude oil inventories last week were 416.
8 million barrels, an increase of 2 million barrels month-on-month, while the market had expected a month-on-month decline
.
Over the same period, U.
S.
motor gasoline inventories fell by 800,000 barrels month-on-month, distillate inventories increased by 2.
6 million barrels month-on-month, and propane and propylene inventories increased by 700,000 barrels
month-on-month.
Including commercial crude, refined products, propane and propylene, U.
S.
commercial oil inventories rose significantly by 11 million barrels
last week.

Over the same period, U.
S.
refineries processed an average of 16.
4 million barrels per day, up 355,000 barrels month-on-month; U.
S.
refinery runs were 94.
2% last week, up from 92.
6% the previous week; U.
S.
net crude oil imports averaged 3.
922 million barrels per day last week, a significant increase of 1.
694 million barrels
month-on-month.

Notably, commercial crude oil inventories in the Cushing region of the United States were 23.
4 million barrels last week, down 1.
6 million barrels month-on-month; U.
S.
strategic crude oil reserves last week were 519 million barrels, down a significant 7.
269 million barrels month-on-month
, and U.
S.
crude oil production averaged 11.
9 million barrels per day last week, unchanged for the fourth consecutive week.

Data released by the American Petroleum Institute on the 7th showed that last week's US commercial crude oil inventories increased by 1.
85 million barrels month-on-month, while gasoline and distillate inventories increased by 1.
82 million barrels and 3.
38 million barrels
respectively.

Tony Headrick, energy market analyst at hedge fund CHS Hedge, said falling gasoline inventories were the highlight
of the latest oil inventories report amid tight supplies in the U.
S.
market as a whole.
Even though retail gasoline prices exceed $5 a gallon in many parts of the United States, demand remains strong
.

Matt Smith, leading oil analyst at KPLER Americas, said increased refinery processing and strong imports from the U.
S.
East Coast also failed to avoid a decline
in gasoline inventories as implied weekly demand reached its highest level this year.

Jeremy Weir, CEO of Trafigura, an international oil trading company, said on the 7th that in the next few months, crude oil prices are likely to rise to $150 per barrel and show a parabolic rise, which will pose a threat
to the global economic outlook.

In addition, hundreds of Norwegian offshore oil workers are scheduled to start a strike this Sunday, further weighing
on crude oil supplies.