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Editor in Chief Mohamed Wadie

Oil Prices Hold up against Growth in US Inventories


Wed 19 Jun 2024 | 07:38 PM
Taarek Refaat

Oil prices stabilized at the end of trading at their highest levels in 7 weeks, as risk appetite in broader markets overshadowed signs of increased inventory growth.

Brent crude traded above $85 a barrel after hitting its highest closing level since April 30, while West Texas Intermediate (WTI) approached $82. 

The S&P 500 index rose to another record high yesterday, after optimism extended to other risky assets such as oil, as traders bet on a reduction in US federal reserve interest rates.

Meanwhile, the American Petroleum Institute reported that US crude oil inventories rose by 2.3 million barrels last week, and stockpiles also expanded in Cushing, Oklahoma.

Oil has recovered from the loss it suffered at the beginning of the month, when the OPEC+ alliance said it would increase supplies to the market, with the alliance clarifying that this plan is conditional. On the demand side in Asia, refiners are regaining some capacity after maintenance work despite weak profit margins, which is boosting crude oil consumption.

Meantime, trading volumes in oil futures are likely to decline on Wednesday due to the holiday in the United States.

Latest Oil Prices

WTI CRUDE • 81.57 0.00 0.00%

BRENT CRUDE • 85.17 -0.16 -0.19%

MURBAN CRUDE • 84.45 -0.17 -0.20%

LOUISIANA LIGHT • 81.51 -1.33 -1.61%

BONNY LIGHT • 85.02 +1.50 +1.80%

MARS US • 76.83 -1.47 -1.88%

GASOLINE • 2.494 +0.011 +0.43%