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I went up oil prices Despite concern regarding weak demand and an increase in US interest rateswhile raising prices fuel Economic concerns in a number of countries around the world.
The US Energy Information Administration said that commercial oil stocks in the United States fell by 4.5 million barrels, last week, with exports hitting an all-time high, due to a large discount for US crude from the global benchmark Brent crude.
Brent contracts to the nearest maturity of the trading session ended up $2.22, or 2.1 percent, to record at the settlement of $106.62 a barrel.
US West Texas Intermediate crude contracts jumped $2.28, or 2.4 percent, to close at $97.26 a barrel.
The data showed that following a sharp decline in the past two weeks, US gasoline demand rose 8.5 percent on a weekly basis.
Oil also extended its gains following the US Federal Reserve decided, as expected, to raise the benchmark interest rate by three quarters of a percentage point in an effort to cool the highest rate of inflation since the 1980s.
On the other hand, today’s Russian gas flows through the Nord Stream 1 pipeline have fallen to 20 percent of its capacity.
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I went up oil prices Despite concern regarding weak demand and an increase in US interest rateswhile raising prices fuel Economic concerns in a number of countries around the world.
The US Energy Information Administration said that commercial oil stocks in the United States fell by 4.5 million barrels, last week, with exports hitting an all-time high, due to a large discount for US crude from the global benchmark Brent crude.
Brent contracts to the nearest maturity of the trading session ended up $2.22, or 2.1 percent, to record at the settlement of $106.62 a barrel.
US West Texas Intermediate crude contracts jumped $2.28, or 2.4 percent, to close at $97.26 a barrel.
The data showed that following a sharp decline in the past two weeks, US gasoline demand rose 8.5 percent on a weekly basis.
Oil also extended its gains following the US Federal Reserve decided, as expected, to raise the benchmark interest rate by three quarters of a percentage point in an effort to cool the highest rate of inflation since the 1980s.
On the other hand, today’s Russian gas flows through the Nord Stream 1 pipeline have fallen to 20 percent of its capacity.