Oil Prices on Track for a Weekly Gain as Fuel Demand Climbs and Inventories Fall

Oil Prices News

Oil Prices on Track for a Weekly Gain as Fuel Demand Climbs and Inventories Fall
Crude OilAAAJuly 4Th Weekend
  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 19 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 68%

Oil prices are set to rise again this week after the EIA reported a draw in both crude and gasoline inventories while the AAA forecast rising fuel demand.

Crude oil prices are about to book another weekly gain, boosted by the Energy Information Administration’s latest inventory report. On Thursday, the EIA reported draws across crude and fuels, suggesting the strong driving season some analysts expected may be unfolding indeed. A report by the AAA forecasting record travel over the July 4 weekend also helped boost optimism on the oil market.

Additional support for prices, which have gained some 10% since the start of the month, came from the latest weekly jobless claims report. It showed a decline in the number of people filing for jobless benefits for the first time, suggesting the labor market was going in a positive direction that could finally motivate the Fed to start cutting rates. The U.S.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

OilandEnergy /  🏆 34. in UK

Crude Oil AAA July 4Th Weekend Inflation Interest Rates Federal Reserve China

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil Prices Set for Weekly Gain Despite Mixed DataOil Prices Set for Weekly Gain Despite Mixed DataOil prices appear to be on track for a weekly gain, as market players turned optimistic about demand despite conflicting signals from OPEC and the IEA.
Read more »

Oil Prices Set for a Weekly Decline as Futures Market Swings Into ContangoOil Prices Set for a Weekly Decline as Futures Market Swings Into ContangoOil prices are on course for a weekly decline after comments from the Fed on interest rate cuts added to bearish sentiment, with the futures market swinging into contango for the first time since the start of the year.
Read more »

Oil Prices Set for Another Weekly Loss as Traders Focus on U.S. Interest RatesOil Prices Set for Another Weekly Loss as Traders Focus on U.S. Interest RatesOil prices are on track for yet another weekly loss, with Brent and WTI trading near three-month lows as traders continue to focus on U.S. interest rates.
Read more »

Oil Prices Hold Up Against Falling U.S. Crude Oil InventoriesOil Prices Hold Up Against Falling U.S. Crude Oil InventoriesCrude oil inventories in the United States rose this week by 2.264 million barrels for the week ending June 14, according to The American Petroleum Institute
Read more »

API Reports Significant Draw in Crude Oil InventoriesAPI Reports Significant Draw in Crude Oil InventoriesU.S. crude oil and gasoline inventories declined this week, impacting oil prices and the energy landscape.
Read more »

U.S. Gasoline Prices Post Super Rare Double-Digit Weekly DropU.S. Gasoline Prices Post Super Rare Double-Digit Weekly DropU.S. gasoline prices fell last week by the most in some time, posting a super-rare double-digit weekly decline for a summer driving season
Read more »



Render Time: 2025-02-21 06:37:36