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Oil prices soared as attention is shifted now on demand

By Rana Gharib
26 Apr,2023
Oil prices soared as attention is shifted now on demand

After dipping more than 2% the previous session, oil prices increased on Wednesday as reports of declining fuel and crude oil stocks in the United States reminded investors of the country's strong demand as the world's largest oil consumer.

Brent crude advanced by 0.5%, to $81.17 per barrel while US WTI added 0.6% to $77.55 per barrel.

American Petroleum Institute (API) numbers released on Tuesday indicated that U.S. crude oil stocks decreased by around 6.1 million barrels in the week ending April 21. Analysts anticipated that crude inventories will decrease by roughly 1.5 million barrels.

Last week saw a decline in gasoline inventory of 1.9 million barrels and an increase in distillate inventories of 1.7 million barrels. On Wednesday, the US government is anticipated to release its official stocks data.

According to Song Yang, analyst at China Galaxy Futures, the OPEC supply cut's upward momentum is waning and Russian oil exports did not show any discernible decline, leaving the supply side without any additional supports.

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