The debt ceiling crisis is dominating the trading climate on Wall Street (Getty)
While a crisis prevails US debt ceiling on tradesWall StreetOil prices rose 1% at the settlement today, Thursday, continuing a recent rally that is gaining momentum from rising Chinese demand.
rise The price of a barrel of Brent crude futures $ 1.18, or 1.4%, to reach at the settlement of $ 86.16, while futures contracts rose. US West Texas Intermediate crude 85 cents, or 1.1%, to $80.33 upon settlement. Those were the highest closing levels for both contracts since December 1, according to Archyde.com data.
Chinese demand for oil rose by about 1 million barrels per day from the previous month to 15.41 million barrels per day in November, the highest level since February, according to the latest export figures published by the Joint Data Initiative (JODI).
And “QNA” reported what was revealed by the US Energy Information Administration, Thursday, about the increase in stocks of crude oil and gasoline last week, while stocks of distillate products declined.
According to the administration’s data issued today, crude stocks increased by about 8.4 million barrels in the week ending January 13, and crude stocks increased at the delivery center in Cushing, Oklahoma, by about 3.6 million barrels, and the rate of crude consumption in refineries increased by 202 thousand barrels per day, while The refinery utilization rate increased by 1.2%.
The administration said that US gasoline inventories rose by about 3.5 million barrels during the same period, while distillate stocks, which include diesel and heating oil, declined by about 1.9 million barrels, and net crude imports declined by about 1.2 million barrels per day.