Oil prices dip on demand hopes, war jitters

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The Star 1w ago

Oil prices dip on demand hopes, war jitters - The Star

Quick Summary:

Oil prices dipped on Wednesday after hitting seven-week highs as summer demand optimism and concerns over escalating conflicts offset an industry report that said US crude inventories unexpectedly rose.

However, gasoline inventories fell by 1.077 million barrels, while distillates rose by 538,000 barrels, the sources said, speaking on condition of anonymity.

Both benchmarks, having recovered strongly in the last two weeks, gained more than US$1 in the previous session after a Ukrainian drone strike led to an oil terminal fire at a major Russian port.