Oil prices edges lower as supply disruption concerns ease

OdgovorNapisal/-a geemong » 11.08.2022 10:43:50

Oil prices edges lower as supply disruption concerns ease


Oil prices slipped in Asia on Thursday (Aug 11) after gaining more than US$1 in the previous session, as concerns over supply disruptions eased and markets looked for evidence of improving fuel demand.

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Brent crude futures dipped 18 cents, or 0.2 per cent, to US$97.22 a barrel by 0419 GMT (12.15pm, Singapore time), while US West Texas Intermediate crude futures fell 22 cents, or 0.2 per cent, to US$91.71.

Oil is struggling to find direction, suggesting investors have not reached consensus on the outlook for supply and demand, analysts from Haitong Futures said.

US crude oil stocks rose by 5.5 million barrels in the most recent week, the US Energy Information Administration said, more than the expected increase of 73,000 barrels.

Gasoline product supplied rose in the most recent week to 9.1 million barrels per day, though that figure still shows demand down 6 per cent over the past four weeks compared with the year-ago period.

The premium for front-month WTI futures over barrels loading in six months' time was pegged at US$4.38 a barrel on Thursday, the lowest in four months, indicating easing tightness in prompt supplies.
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