Oil prices rose on February 24 for the second session in a row, despite data from the US Department of Energy about a significant increase in oil reserves in the country, Report informs referring to Interfax.
The price of April futures for Brent oil on the London ICE Futures exchange was $82.91 per barrel, which is $0.7 (0.85%) higher than the closing price of the previous session. On February 23, these prices rose by $1.61 (2%) to $82.21 per barrel.
The price of futures for WTI oil for April in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $0.66 (0.88%) to $76.05 per barrel. As a result of the previous session, the prices increased by $1.44 (2%) to $75.39 per barrel.
Commercial oil inventories in the US last week increased by 7.65 million barrels to 479.04 million barrels, the highest since May 2021, according to a weekly report from the country’s energy department.
Inventories at the Cushing terminal, where NYMEX-traded oil is stored, rose for the eighth consecutive week and reached the highest level since June 2021.
Distillate inventories increased by 2.7 million barrels, while gasoline inventories unexpectedly fell by 1.86 million barrels.
The oil market has remained in a narrow price range - around $11 per barrel - since early 2023. On the one hand, it is supported by expectations of an increase in demand in China after the lifting of quarantine restrictions and fears of a decrease in supply on the market due to a reduction in production by Russia. On the other hand, the market fears the weakening of the US economy against the backdrop of tightening monetary policy by the Federal Reserve System (Fed), Bloomberg notes.