Oil prices are consolidating above $120 a barrel, hours ahead of US data announcements related to domestic crude consumption.
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Crude oil prices are holding together
Crude oil prices consolidated in morning trading, today, Wednesday, above $120 a barrel, hours before the announcement of US data related to domestic crude consumption.
Later today, US crude oil inventories data will be issued by the country’s Energy Information Administration, which is a measure of the demand for derivatives in various states.
At 07:46, the price of Brent crude futures for August delivery rose 0.58%, or 70 cents, to $121.27 a barrel.
The prices of US West Texas Intermediate crude futures for July delivery also increased by 0.75%, or 89 cents, to $ 120.30 a barrel.
Global markets are witnessing fears of a tight supply, due to increased demand, the restoration of market activity, and a significant easing of Corona restrictions within China, which is the largest importer of crude globally.