Both crudes are heading for gains of nearly 2% this week, after US crude inventories fell sharply last week as demand for fuel increased due to the US driving season.
Crude oil inventories in the United States fell by 12.5 million barrels a day, the biggest weekly drop since November, while ING data indicated that the 4-week average of gasoline demand remains just above 9 million barrels per day, the highest level after the Covid-19 period in this time of year.
The US Transportation Security Administration also said it welcomed just over 2.6 million passengers on Thursday alone, the highest number since the Covid-19 outbreak, and the Federal Aviation Administration said more than 51,000 thefts had taken place on Thursday, the highest number during the trip. For the busy Memorial Day weekend.
Meanwhile, a Reuters report said negotiators are close to a deal that could lead to raising the US government’s debt ceiling by $31.4 trillion for two years, with just a few steps separating them. of the final deal, which, if it happens, will protect the US economy from default.
Oil prices were under pressure yesterday after agencies reported Russian Deputy Prime Minister Alexander Novak’s statements on no further steps at the upcoming OPEC Plus meeting.
Novak returned today to clarify that the quoted statements were partial and that Moscow will work with the rest of the coalition members to determine what is best for the market while respecting all previous rulings.
Additionally, the Fed’s preferred measure of consumer inflation unexpectedly accelerated in April, data showed Friday, raising the possibility that the U.S. central bank will hold interest rates higher. for a longer period, weighing on economic activity in the future.
price movements
Brent crude rose 49 cents, or 0.64%, to $76.76 a barrel as of 1510 GMT, while Nymex crude fell 64 cents, or 0.89%, to $72.46 a barrel .
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