WASHINGTON (dpa-AFX) - Despite recent data showing a jump in crude inventories in the U.S., oil futures settled notably higher on Thursday, amid hopes about the outlook for demand, and on concerns about possible supply disruptions due to tensions in the Middle East.
West Texas Intermediate Crude oil futures for August ended up by $0.84 at $81.74 a barrel.
Brent crude futures were up $0.82 or 0.97% at $85.29 a barrel a little while ago.
Data from U.S. Energy Information Administration Wednesday showed crude oil inventories increased by 3.6 million barrels during the week, confounding expectations for a drop of 2.8 million barrels.
Gasoline inventories surged by 2.7 million barrels last week, while distillate stockpiles dropped by 0.4 million barrels.
Escalating tensions in the Middle East supported oil prices. According to reports, Israeli forces intensified attacks in Gaza, with heavy fighting reported in Rafah. The attacks in Gaza reportedly killed 60 people and injured 140 in the last 24 hours.,
Traders were also reacting to data from S&P Global Commodity Insights that suggested Indian refiners continued their purchase momentum for crude oil from its two largest trading blocs, Russia and Middle East, for the second consecutive month in June.
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