Crude prices climb ahead of US oil inventory data - Breaking The News

Crude prices climb ahead of US oil inventory data

17 May

1 min read

EPA-EFE / LARRY W. SMITH

Crude prices for front-month deliveries climbed on Wednesday as investors awaited the latest report by the Energy Information Administration (EIA) that will reveal the volume of oil stockpiles in the United States amid supply pressures.

The International Energy Agency (IEA) estimated that the crude demand could outpace supply by almost 2 million barrels per day in the second half of 2023, with China accounting for nearly 60% of demand growth this year.

West Texas Intermediate (WTI) for settlements in June rose 1.35% to sell at $71.80 per barrel at 9:14 am ET. Brent for July contracts added 1.32% to $75.80 per barrel.

oil

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