Market Analysis

As data reveals an unexpected decline in U.S. crude stocks, oil prices continue to rise

Amos Simanungkalit · 24 Apr 2024478 Views

Oil prices edged higher on Wednesday following a surprising decrease in U.S. crude inventories, signaling potential upticks in demand amid shifting attention away from tensions in the Middle East. Brent crude futures saw a modest increase of 0.1% to $88.51 a barrel, while U.S. West Texas Intermediate crude futures rose slightly to $83.45 a barrel.

According to industry data from the American Petroleum Institute, U.S. crude stocks fell by 3.237 million barrels last week, contrary to expectations of a rise. Official U.S. data on oil and product stockpiles awaited confirmation later in the day.

Market focus also turned towards the possibility of interest rate cuts in the UK and EU come June, aiming to bolster economic growth and consequently, oil demand. Positive business activity indicators from both regions suggested an acceleration in economic momentum.

Conversely, U.S. business activity slowed to a four-month low in April, prompting discussions about potential rate cuts to support the economy. Despite intensified Israeli strikes in Gaza, traders seemed to overlook Middle East developments at the start of Wednesday's trading session.

Paraphrasing text from "Investing" all rights reserved by the original author.

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