2023-06-28 23:51:20
Editor’s Picks, Economic News6:51, 2023-06-29
West Texas Intermediate (WTI) crude oil futures in New York ended higher on Wednesday (June 28) following the US revealed a more-than-expected drop in crude stocks. This information helped to mask negative factors from concerns regarding the impact of rising interest rates.
The WTI crude oil contract is delivered in August. It was up $1.86, or 2.75%, at $69.56/barrel. The Brent crude oil contract (BRENT) was delivered in August. It was up $1.77, or 2.45%, at $74.03/barrel.
Crude oil futures rebound The US Energy Information Administration (EIA) said crude inventories fell 9.6 million barrels for the week ended June 23, far more than the 1.8 million barrel drop expected by analysts.
Gasoline stocks rose only 600,000 barrels, compared with analysts’ expectations of a 1 million barrel increase, and distillate inventories. Oil, which includes heating oil and diesel, rose 120,000 barrels, while analysts had expected an increase of 800,000 barrels.
The decline in crude stockpiles reflects that US energy demand remains strong. And help to overshadow negative factors from concerns regarding rising interest rates. Most recently, Federal Reserve Chairman Jerome Powell said at a forum in Portugal yesterday that during the past quarter The US economy grew stronger than expected. While the labor market is more tight than expected. and higher than expected inflation as well Along with signals that the Fed may raise interest rates in two meetings in a row. The next Fed meeting is on July 25-26 and then on September 19-20.
European Central Bank (ECB) President Christine Lagarde said at the forum on Tuesday: Inflation in Europe is still too high. And is likely to stay at this high for a long time, which may force the ECB to move forward with raising interest rates to curb inflation.
By InfoQuest News Agency (29 June 2023)
Tags: WTI, WTI oil, oil price
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