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Oil Prices Rise Ahead of U.S. Inventory Data

  • Gas prices are displayed at a gas station in Los Angeles, California, the United States, June 1, 2022.

    Gas prices are displayed at a gas station in Los Angeles, California, the United States, June 1, 2022. | Photo: Zeng Hui/Xinhua

Published 7 June 2022
Opinion

Oil prices climbed on Tuesday as market participants awaited data on U.S. fuel stockpiles.

For July delivery, the West Texas Intermediate added 91 cents, or 0.8 percent, to settle at 119.41 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 1.06 dollars, or 0.9 percent, to close at 120.57 dollars a barrel on the London ICE Futures Exchange.

RELATED:
 Oil Prices Fall After Upbeat Week
   

Prices continued to garner support from a tight market and the prospect of higher demand in China.
   
The U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday on the data front. Analysts polled by S&P Global Commodity Insights forecast U.S. crude inventories to show a fall of 2.9 million barrels for the week ending June 3.

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Oil Prices Gas Prices Inflation

by teleSUR/MS
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