Oil strengthens as fall estimated in US crude inventories
and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.futures rose 30 cents to $80.99 a barrel by 0009 GMT. U.S. West Texas Intermediate crude increased by 38 cents to $78.73 per barrel.
The API figures showed crude stocks shrunk by 5.21 millionbarrels in the week ended Aug. 9, the sources said, speaking oncondition of anonymity. Gasoline inventories eased by 3.69million barrels, and distillates rose by 612,000 barrels.Official government data from the Energy Information Administration is due later on Wednesday.
A broadening conflict in the region could affect crude supplies from Iran and neighboring producer countries, analysts said, tightening inventories and supporting prices.
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.
Bursting of underwater oil drops: How pollution may remain in water after oil spill cleanupsOil drops from underwater oil spills can break into tinier droplets at the surface that remain suspended in the water, according to research from the University of Illinois Chicago. That means cleanups after disasters like the Deepwater Horizon spill may be removing less oil from the environment than was thought.
Read more »
China's cooking oil scandal prompts residents to buy oil presses amid food safety concernsA food safety controversy over cooking oil has sparked widespread anger among the public — and locals are taking it into their own hands to procure supplies.
Read more »
Schumer silent on Biden oil purchase after blasting Trump for 'bailout for big oil'Democrats were quiet when the Biden administration announced a purchase of millions of barrels of oil for the strategic reserves despite attacking Trump for trying to do the same.
Read more »
OPINION: The next president needs Alaska natural gasWith U.S. conventional oil long past its 1970 peak, U.S. Lower 48 shale oil peaking and U.S. and Alaska deep offshore oil limited, U.S. peak oil is close at hand.
Read more »
U.S. crude oil rises more than 2% after stock market snaps losing streakOil prices are following the stock market higher after the selloff on recession fears.
Read more »
Crude Oil in No Hurry to Return to GrowthCommodities Analysis by FxPro Financial Services Ltd (Alexander Kuptsikevich) covering: Crude Oil WTI Futures, CBOE Volatility Index. Read FxPro Financial Services Ltd (Alexander Kuptsikevich)'s latest article on Investing.com
Read more »