WTI crude oil futures continued to rise. It recently broke above the $105 level today. The price has recovered after falling below $100 yesterday.
As of 9:48 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in June. Trading on the NYMEX was up $5.36, or 5.37 percent, to $105.12 a barrel.
WTI crude oil fell $3.33, or 3.2 percent, to close at $99.76 a barrel yesterday. by investors worried that China’s lockdown in Shanghai And parts of Beijing will affect the economy and oil demand. Oil futures are also affected by the dollar’s appreciation. This makes contracts more expensive for holders of other currencies.
Oil prices were supported today. Amid concerns about oil tightness As the European Union (EU) prepares to impose sanctions on oil from Russia.
The US Energy Information Administration (EIA) said that US crude inventories rose 8.5 million barrels last week. Contrary to analysts’ expectations for a 457,000 barrel drop.
Gasoline inventories fell 3.6 million barrels, while analysts had expected a drop of 1.5 million barrels.
In addition, refined oil stocks This includes heating oil and diesel, down 0.9 million barrels last week. Analysts expected a 1.3 million barrel drop.