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    Home > Chemicals Industry > Rubber Plastic News > U.S. inventories unexpectedly drop, oil hits seven-year high

    U.S. inventories unexpectedly drop, oil hits seven-year high

    • Last Update: 2023-01-15
    • Source: Internet
    • Author: User
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    Oil prices hit new highs after a U.
    S.
    government report showed an unexpected drop in crude inventories, easing concerns that higher oil prices will dampen demand

    .

    Futures in New York rose 1.
    3% to a seven-year high, after falling as much as 1.
    2% on Wednesday

    .
    Domestic crude inventories fell by 431,000 barrels last week, according to a report from the U.
    S.
    Energy Information Administration

    .
    The American Petroleum Institute, which enjoys industry funding, said on Tuesday that crude inventories rose by 3.
    29 million barrels

    .

    “This is just one sign of a continued economic recovery, and the nature of crude-related products and the role they play in that recovery, has a significant impact on demand destruction,” said Rob Thummel, portfolio manager at Tortoise, which manages about $8 billion in energy-related assets.
    The
    concern is not obvious

    .
    "

    Oil prices rose due to an energy crisis triggered by shortages of coal and natural gas and a rebound in demand in economies recovering from the pandemic
    .
    Wall Street has been steadily raising its estimates for oil prices in recent weeks

    .
    BNP Paribas was the latest bank to do so, raising its forecast by $8 to $80.
    50 a barrel

    .

    The U.
    S.
    report also showed strong inventories of refined products and rising demand for distillates and gasoline despite higher consumer prices

    .
    Gasoline inventories fell by 5.
    37 million barrels to their lowest level since November 2019

    .
    Measured on a four-week average, gasoline demand at this time of the year is the highest since 2007

    .

    price:

    West Texas Intermediate crude for November delivery rose 91 cents to $83.
    87 a barrel on Wednesday

    .
    The more active December contract rose 98 cents to $83.
    42 a barrel;

    Brent settled up 74 cents at $85.
    82 a barrel for December

    .

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