Commodities and Futures News

Oil prices rise on bigger-than-expected drop in US crude stocks

2024.07.17 21:19

(Reuters) – Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in stocks.

futures rose 13 cents, or 0.2%, to $85.21 a barrel by 0023 GMT, while U.S. West Texas Intermediate (WTI) crude rose 31 cents, or 0.4%, to $83.16.

Brent climbed 1.6% on Wednesday, and WTI rose 2.6%.

U.S. crude inventories fell by 4.9 million barrels last week, data from the U.S. Energy Information Administration showed. That compares with a 30,000-barrel decline forecast by analysts in a Reuters poll, and a drop of 4.4 million barrels in a report from the American Petroleum Institute trade group. [EIA/S] [API/S]

On the demand side, the prospects of cuts in interest rates in coming months in the United States and Europe helped to support the market. Lower interest rates often spark buying and boost oil demand.

Federal Reserve officials said on Wednesday the U.S. central bank is “closer” to cutting interest rates given inflation’s improved trajectory and a labor market in better balance, possibly setting the stage for a reduction in borrowing costs in September.

Also, U.S. economic activity expanded at a slight to modest pace from late May through early July with firms expecting slower growth ahead.

The European Central Bank, meanwhile, is all but certain to keep interest rates unchanged on Thursday, but signaled that its next move is likely to be a cut.

© Reuters. FILE PHOTO: Miniatures of oil barrels and a rising stock graph are seen in this illustration taken January 15, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Investors are also awaiting policy news from a key leadership gathering in China that is to end on Thursday.

The dollar eased on Thursday for a third straight session. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,161.50 0.20%
ethereum
Ethereum (ETH) $ 3,437.26 3.81%
tether
Tether (USDT) $ 0.999275 0.22%
xrp
XRP (XRP) $ 2.29 5.44%
bnb
BNB (BNB) $ 689.79 1.90%
solana
Solana (SOL) $ 194.62 7.16%
dogecoin
Dogecoin (DOGE) $ 0.32743 5.48%
usd-coin
USDC (USDC) $ 1.00 0.18%
staked-ether
Lido Staked Ether (STETH) $ 3,428.05 3.51%
cardano
Cardano (ADA) $ 0.92025 4.56%
tron
TRON (TRX) $ 0.254843 2.68%
avalanche-2
Avalanche (AVAX) $ 39.79 9.57%
chainlink
Chainlink (LINK) $ 24.49 8.13%
the-open-network
Toncoin (TON) $ 5.72 6.01%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,082.67 3.70%
sui
Sui (SUI) $ 4.60 8.21%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 6.15%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,704.37 0.12%
hedera-hashgraph
Hedera (HBAR) $ 0.317941 17.72%
stellar
Stellar (XLM) $ 0.379727 7.46%
polkadot
Polkadot (DOT) $ 7.43 7.47%
hyperliquid
Hyperliquid (HYPE) $ 28.96 8.80%
weth
WETH (WETH) $ 3,441.08 3.98%
bitcoin-cash
Bitcoin Cash (BCH) $ 468.58 7.24%
leo-token
LEO Token (LEO) $ 9.44 0.33%
uniswap
Uniswap (UNI) $ 14.21 4.72%
litecoin
Litecoin (LTC) $ 108.63 7.15%
pepe
Pepe (PEPE) $ 0.000019 6.51%
bitget-token
Bitget Token (BGB) $ 4.89 19.41%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,629.52 3.76%
near
NEAR Protocol (NEAR) $ 5.56 9.27%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.26%
aave
Aave (AAVE) $ 377.65 12.91%
aptos
Aptos (APT) $ 9.62 6.00%
usds
USDS (USDS) $ 1.00 0.18%
internet-computer
Internet Computer (ICP) $ 10.97 9.59%
crypto-com-chain
Cronos (CRO) $ 0.163836 7.17%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.513821 8.38%
vechain
VeChain (VET) $ 0.051238 12.14%
ethereum-classic
Ethereum Classic (ETC) $ 27.65 5.71%
mantle
Mantle (MNT) $ 1.22 3.56%
render-token
Render (RENDER) $ 7.81 10.84%
bittensor
Bittensor (TAO) $ 499.42 11.36%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.38 8.76%
mantra-dao
MANTRA (OM) $ 3.77 7.02%
whitebit
WhiteBIT Coin (WBT) $ 24.47 0.20%
monero
Monero (XMR) $ 189.03 1.33%
arbitrum
Arbitrum (ARB) $ 0.815933 7.93%
dai
Dai (DAI) $ 1.00 0.27%
algorand
Algorand (ALGO) $ 0.394164 10.81%