Oil rises as supply concerns outweigh US fuel stocks build
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Wednesday
August 10, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
WEDNESDAY, AUGUST 10, 2022
Oil rises as supply concerns outweigh US fuel stocks build

Global Economy

Reuters
30 June, 2022, 09:20 am
Last modified: 30 June, 2022, 09:22 am

Related News

  • Oil rises as Russian pipeline halt revives supply fears
  • Oil retreats on chance of Iran supply boost
  • Bikes, cars feel the fuel pinch at pumps
  • Oil prices hit lowest since Ukraine invasion amid recession fears
  • RMG export growth to be affected by fuel price hike: BGMEA president

Oil rises as supply concerns outweigh US fuel stocks build

Reuters
30 June, 2022, 09:20 am
Last modified: 30 June, 2022, 09:22 am
Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo
Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in US gasoline and distillate inventories.

Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel at 0250 GMT. The less liquidly traded August contract, which expires Thursday, was at $116.08, down 18 cents, or 0.2%.

US West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.5%, to $110.27.

"Crude oil pushed higher in early trading after a bullish inventory… The drawdown was driven by refiners increasing their throughput amid historically high refining margins," ANZ analysts said in a note.

Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts' expectations in a Reuters poll for a 569,000 barrel drop, US Energy Information Administration data showed, even as US gasoline and distillate stockpiles climbed. 

Fuel stocks rose as refiners ramped up activity, operating at 95% of capacity, the highest for this time of year in four years.

But further disruptions to supply supported prices, the ANZ analysts said, amid the suspension of Libyan shipments from two key eastern ports, while Ecuador saw output fall due to ongoing protests.

Exports of Ecuador's flagship Oriente crude remain suspended under a force majeure declaration as the spread of anti-government protests hurts oil output, state-run Petroecuador said on Wednesday. 

However, concerns over slowing economic growth continued to cap price gains.

"Recently central banks' aggressive rate hikes and a slowdown in the global economic growth have been pressuring commodity markets. Bets of more release of the US oil reserve and OPEC's increase of oil output also retrained the oil market's upside momentum," CMC Markets analyst Tina Teng said.

A stronger dollar also capped price gains as it makes oil more expensive for buyers using other currencies.

Meanwhile, the OPEC+ group, which includes allies such as Russia, began two days of meetings on Wednesday, though sources said there was little prospect of pumping more oil.

Top News / World+Biz

oil market / Global Oil Market / Oil / Oil price / Fuel storage / fuel stagflation fears / fuel crisis / fuel

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Brioche rolls exit an oven at the Brioche Pasquier factory in Milton Keynes, UK.Photographer: Ryan Peters/Brioche Pasquier
    The great European energy crisis is now coming for your food
  • Photo: Collected
    Bangladesh's export to grow with 98% duty-free market access: China
  • Photo: Bloomberg
    Bangladesh-Iraq trade grows four-fold

MOST VIEWED

  • The receiver station of the Druzhba oil pipeline between Hungary and Russia is seen at the Hungarian MOL Group's Danube Refinery in Szazhalombatta, Hungary, May 18, 2022. REUTERS/Bernadett Szabo/File Photo
    Ukraine halted oil flows to Europe over payment issue, Russia's Transneft says
  • Obstacles to overcome before Ukraine grain deal eases global food crisis
    Obstacles to overcome before Ukraine grain deal eases global food crisis
  • A sign is pictured at the entrance of Klarna's headquarters in Stockholm, Sweden on May 25, 2022. REUTERS/Supantha Mukherjee
    Dreaded 'down rounds' shave billions off startup valuations
  • US President Joe Biden signs the CHIPS and Science Act of 2022 alongside Vice President Kamala Harris and House of Representatives Speaker Nancy Pelosi. on the South Lawn of the White House in Washington, US, August 9, 2022. REUTERS/Evelyn Hockstein
    Biden signs bill to boost US chips, compete with China
  • Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, US November 22, 2019. REUTERS/Angus Mordant
    Oil rises as Russian pipeline halt revives supply fears
  • Two more grain shipments leave Ukraine
    Two more grain shipments leave Ukraine

Related News

  • Oil rises as Russian pipeline halt revives supply fears
  • Oil retreats on chance of Iran supply boost
  • Bikes, cars feel the fuel pinch at pumps
  • Oil prices hit lowest since Ukraine invasion amid recession fears
  • RMG export growth to be affected by fuel price hike: BGMEA president

Features

The elevated ground is made out of soil on which grass and trees have grown. This grass-covered elevated ground extends to the perimeter of the establishment. Photo: Maruf Raihan

Aman Mosque: Where form and function complement each other

14h | Habitat
Photo: BSS

Begum Fazilatunnessa Mujib . . . woman of moral power

1d | Thoughts
Will Glass Cosmetics be your next skincare holy grail?

Will Glass Cosmetics be your next skincare holy grail?

1d | Brands
Akij Tableware: More than just dishes on a table

Akij Tableware: More than just dishes on a table

1d | Brands

More Videos from TBS

Why Donald Trump buried ex-wife Ivana at a golf course

Why Donald Trump buried ex-wife Ivana at a golf course

4h | Videos
In absence of groom, his brother stands by the bride

In absence of groom, his brother stands by the bride

7h | Videos
Tajia procession of Muharram

Tajia procession of Muharram

8h | Videos
Importance of Ashura in Islam

Importance of Ashura in Islam

9h | Videos

Most Read

1
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

2
Diesel price hiked by Tk34 per litre, Octane by Tk46
Energy

Diesel price hiked by Tk34 per litre, Octane by Tk46

3
Housing projects sprouting up by Dhaka-Mawa expressway
Real Estate

Housing projects sprouting up by Dhaka-Mawa expressway

4
Infographic: TBS
Banking

Dollar rate will be left to market after two months: Governor

5
Photo: Collected
Transport

Will Tokyo’s traffic model solve Dhaka’s gridlocks?

6
Bangladesh to resume talks for Ukrainian wheat import
Economy

Bangladesh to resume talks for Ukrainian wheat import

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net