Oil Prices Rise Slightly Amidst Inventory Reports
Oil Prices Tick Up
Oil prices inched higher on Thursday as inventories showed a smaller-than-expected increase last week, coupled with significant draws in fuel stocks.
Futures Show Increase
Crude futures saw a rise of 15 cents to $83.11 a barrel for Brent crude and 18 cents to $79.31 a barrel for U.S. West Texas Intermediate crude.
Positive Movement in the Market
The market saw an uptick of about 1% following the release of data showing a lower-than-anticipated rise in crude inventories, with gasoline and distillate stocks falling more than expected.
Impact of the U.S. Dollar
A strong U.S. dollar is expected to maintain the current status quo in the near term, with markets anticipating a possible delay in the U.S. Federal Reserve’s interest rate cut to the second half of the year.
Market Anticipation
Fed Chair Jerome Powell’s remarks on inflation uncertainty and the potential interest rate cut by the central bank this year have kept markets on edge.
Chinese Trade Data
Investors are eagerly awaiting Chinese trade data amid Beijing’s GDP growth targets and concerns about the economy’s reliance on trade as a major driver.
Saudi Arabia’s Oil Prices
In a signal of supply constraints, Saudi Arabia has raised the prices of its flagship Arab Light crude sold to Asia, indicating a tightening market.
