Oil prices rise 2% on tighter US supplies

Quick Summary:

Oil prices rose 2% on Wednesday, as US government data showed tighter-than-expected oil and fuel inventories, though investors kept an eye on mounting fears of a US economic slowdown and the impact of tariffs on global economic growth.

US gasoline inventories fell by 5.7 million barrels, versus expectations for a 1.9 million-barrel draw, while distillate stocks also dropped by more than expected.

Also on Wednesday, the Organization of the Petroleum Exporting Countries kept its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption.

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Category: EconomyBusiness

Markets: MalaysiaChinaKazakhstanUkraine

Topics: /Business/ RecessionFears TariffImpact CrudeFutures OPECForecast Commodities USInventory OilPrices

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-13 @ 07:22:00 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 501 words

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Copyright Owner: © The Star

News ID: 26932551

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