Oil increased marginally in early trading on Wednesday, as concerns over growing violence in Europe and the Middle East outweighed demand concerns following an unexpected increase in US oil stocks.
Brent crude futures for August delivery increased 6 cents to $85.39 per barrel. In June, U.S. West Texas Intermediate crude rose 10 cents to $81.67 a barrel.
Both benchmarks rose by more than a dollar in the previous session after a Ukrainian drone strike caused an oil terminal fire at a major Russian port, according to Russian officials and a Ukrainian intelligence source.
In the Middle East, Israeli Foreign Minister Israel Katz warned of an impending “all-out war” with Lebanon’s Hezbollah, even as the US sought to avoid a larger clash between Israel and Iran-backed Hezbollah.
An growing violence in the region raises the prospect of disruptions to petroleum supply from important producers.
Keeping oil prices from increasing higher, U.S. crude stockpiles increased by 2.264 million barrels in the week ending June 14, according to market sources quoting American Petroleum Institute estimates on Tuesday. Analysts surveyed by Reuters predicted a 2.2 million barrel draw in crude stocks.
However, petrol stockpiles declined by 1.077 million barrels, while distillates increased by 538,000 barrels, according to sources who spoke on condition of anonymity.
The Energy Information Administration is scheduled to release official U.S. stock figures at 1500 GMT.
For feedback and suggestions, write to us at editorial@iifl.com
For opening a demat account click on: https://www.indiainfoline.com/
For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx
For loans, go to: https://www.iifl.com/
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.