By Anadolu Agency
January 12, 2023 4:52 amANKARA
Oil prices slightly rose on Thursday over demand worries after a higher-than-expected increase in oil stockpiles in the US, the world’s largest oil consumer.
International benchmark Brent crude traded at $82.75 per barrel at 09.22 a.m. local time (0622GMT), a 0.10% increase from the closing price of $82.67 a barrel in the previous trading session.
The American benchmark West Texas Intermediate traded at $77.48 per barrel at the same time, a 0.09% increase after the previous session closed at $77.41 a barrel.
US commercial crude oil inventories increased by around 19 million barrels to 439.6 million barrels, according to Energy Information Administration (EIA) data.
Market expectation was a decline of around 2.4 million barrels.
An increase in crude stocks signaled falling crude demand in the US and weighed on oil prices.
Renewed hopes of a demand increase in China, the world’s biggest oil importer, supported upward price movements while growing fears about further interest rate hikes in the US limited further price upticks.
We use cookies on our website to give you a better experience, improve performance, and for analytics. For more information, please see our Cookie Policy By clicking “Accept” you agree to our use of cookies.
Read More