Equity World – Crude oil prices rose in late trading on Thursday morning (09/02), supported the increase in gasoline futures after the US weekly gasoline inventories fell surprisingly unexpected.
US crude oil futures price of West Texas Intermediate (WTI) ended at $ 52.34 a barrel, up 17 cents, or 0.3 percent.
Equity World | Crude Oil Prices Rise After US Supply Reduced
International crude oil price Brent futures traded at $ 55.13 a barrel at 14:34 ET (1934 GMT), up 8 cents from the previous close.
US crude oil inventories rose 13.8 million barrels last week to cut refinery production, while gasoline inventories declined, according to the Energy Information Administration (EIA). The increase did not surprise the market, because the initial data from the American Petroleum Institute (API) on Tuesday showed greater improvement.
Gasoline futures rose 4.2 percent to a session high after EIA data showed a surprise drop in inventories last week after five consecutive weeks of increases.
Spread gasoline distillates US, the key measure of refinery margin, jumped as much as 20 percent, the biggest daily percentage gain since early November.
However, analysts said the market remained oversupply of gasoline.
“Petrol distillates in the US east coast continue to sell and contango in US gasoline futures deepened, reflecting the possibility that the excess will be taken to the summer,” Energy Aspects said in a note.
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