Commodities and Futures News

Oil rises as US inventory declines heighten supply concerns

2025.01.15 21:57

(Reuters) – Oil prices rose for a second day on Thursday after a larger-than-expected decline in oil stockpiles added to supply concerns stoked by U.S. sanctions against Russian energy trade.

futures rose 30 cents, or 0.4%, to $82.33 per barrel by 0120 GMT, after rising 2.6% to its highest since July 26 in the previous session. U.S. West Texas Intermediate crude futures rose 32 cents, or 0.4%, to $80.36 a barrel after gaining 3.3% on Wednesday, reaching its highest since July 19.

Prices rose after the U.S. Energy Information Administration reported on Wednesday domestic crude oil stocks fell for the seventh time in a row last week, the longest declining streak since July 2021.

Global crude oil supplies are expected to tighten in the months ahead as fresh U.S. sanctions on Russian oil producers and tankers have sent Moscow’s top customers scouring the globe for replacement barrels, while shipping rates have surged too.

The latest round of sanctions could disrupt Russian oil supply and distribution significantly, the International Energy Agency said in its monthly oil market report on Wednesday.

The Organization of Petroleum Exporting Countries and its allies, which have been curtailing output over the past two years, are likely to be cautious about increasing supply despite the recent rally in prices, said Commodity Context founder Rory Johnston.

© Reuters. A view shows the Yan Dun Jiao 1 bulk carrier in the Vostochny container port in the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

“The producer group has had its optimism dashed so frequently over the past year that it is likely to err on the side of caution before beginning the cut-easing process,” he said.

Limiting oil’s gains, Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners, according to an official.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 104,937.12 0.45%
ethereum
Ethereum (ETH) $ 2,541.35 0.27%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.40 1.09%
bnb
BNB (BNB) $ 656.02 1.18%
solana
Solana (SOL) $ 175.43 2.11%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.23924 3.61%
cardano
Cardano (ADA) $ 0.818795 0.55%
tron
TRON (TRX) $ 0.267461 0.93%
staked-ether
Lido Staked Ether (STETH) $ 2,542.58 0.04%
sui
Sui (SUI) $ 4.16 0.78%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 104,715.06 0.34%
chainlink
Chainlink (LINK) $ 17.29 1.14%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,045.41 0.13%
avalanche-2
Avalanche (AVAX) $ 25.13 1.27%
stellar
Stellar (XLM) $ 0.310676 1.98%
shiba-inu
Shiba Inu (SHIB) $ 0.000016 1.60%
hedera-hashgraph
Hedera (HBAR) $ 0.210658 2.65%
pi-network
Pi Network (PI) $ 1.23 58.41%
the-open-network
Toncoin (TON) $ 3.46 2.27%
hyperliquid
Hyperliquid (HYPE) $ 24.83 6.18%
bitcoin-cash
Bitcoin Cash (BCH) $ 411.69 3.73%
usds
USDS (USDS) $ 1.00 0.00%
polkadot
Polkadot (DOT) $ 5.14 0.57%
litecoin
Litecoin (LTC) $ 101.52 3.48%
leo-token
LEO Token (LEO) $ 8.32 1.23%
weth
WETH (WETH) $ 2,543.00 0.33%
monero
Monero (XMR) $ 335.31 3.03%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,711.00 0.14%
pepe
Pepe (PEPE) $ 0.000014 6.45%
bitget-token
Bitget Token (BGB) $ 4.96 0.65%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999832 0.02%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 104,698.05 0.22%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
whitebit
WhiteBIT Coin (WBT) $ 30.23 0.10%
uniswap
Uniswap (UNI) $ 7.03 4.45%
bittensor
Bittensor (TAO) $ 475.93 2.39%
near
NEAR Protocol (NEAR) $ 3.20 3.75%
aptos
Aptos (APT) $ 5.97 2.65%
dai
Dai (DAI) $ 1.00 0.00%
aave
Aave (AAVE) $ 222.28 1.33%
ondo-finance
Ondo (ONDO) $ 1.06 2.02%
okb
OKB (OKB) $ 55.58 0.25%
internet-computer
Internet Computer (ICP) $ 5.85 1.15%
kaspa
Kaspa (KAS) $ 0.118838 6.48%
ethereum-classic
Ethereum Classic (ETC) $ 20.19 1.24%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
susds
sUSDS (SUSDS) $ 1.05 0.02%
crypto-com-chain
Cronos (CRO) $ 0.099813 4.24%