2023-08-24 22:15:18
Oil prices closed slightly higher Thursday in a volatile session, following falling by a dollar a barrel in early trading due to demand concerns and dollar strength, but later recovered following a report on low diesel stocks in Europe.
Prices began to recover in mid-morning New York following Dutch consultancy Insights Global published data showing that diesel inventories held in separate storage at the refining and storage hub Amsterdam-Rotterdam-Antwerp fell 3 percent last week.
Brent crude rose 15 cents, or 0.2 percent, to $83.36 a barrel. West Texas Intermediate crude rose 16 cents, or 0.2 percent, to $79.05 a barrel. Prices were lower for most of the session, before rising in the last half hour of trading.
Giovanni Stonovo, an analyst at UBS Bank, suggested that the decrease in stocks of refined products in Europe and the decline in US Treasury yields for two years is the reason for the rise in oil prices, indicating the possibility that fluctuations will continue until investors clarify the upcoming moves of the US Central Bank regarding Benefit.
Federal Reserve officials and policymakers from the European Central Bank, the Bank of England and the Bank of Japan meet in Jackson Hole on Friday, and the issue of raising interest rates for a longer period may dominate the discussions despite easing inflationary pressures.
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