The stability of oil prices amid concerns about supply and demand


Oil prices stabilized in early Asian trading today, with little change amid concerns about supply and demand.
And by 01:10 GMT, Brent crude futures fell one cent to $76.94 a barrel, while US West Texas Intermediate crude futures rose five cents to $72.58 a barrel.
Yesterday, the US Energy Information Administration announced that US crude oil inventories unexpectedly declined last week, despite the significant increase in refinery production, and that the crude oil refinery operating rate increased by 482 thousand barrels per day, while refinery consumption rates rose 2.7 percentage points. over the course of the week to its highest level since August 2019.
On the other hand, distillate stocks, which include diesel and heating oil, rose by 5.1 million barrels last week, compared to expectations for an increase of 1.3 million barrels. The data also showed an increase in net US imports of crude by 1.6 million barrels per day.


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