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Tuesday, May 21, 2024

Oil Prices Surge on Lower Inventories, Weaker Dollar, and Anticipated Economic Data

Oil Prices Surge on Lower Inventories, Weaker Dollar, and Anticipated Economic Data

Oil prices increased on Wednesday due to anticipation of higher demand as the US dollar weakened and US crude and gasoline inventories decreased, according to Reuters.
Brent crude and US West Texas Intermediate both rose around 0.6-0.7 percent.

The American Petroleum Institute reported a decrease of 3.104 million barrels in US crude oil inventories, along with a drop in gasoline inventories and a rise in distillates.

Government inventory data, expected to show a decrease in crude stockpiles, is due later in the day.

The ANZ Research predicts that decreasing US oil inventories will boost oil prices.

US Consumer Price Index data, due on Wednesday, may indicate if the Federal Reserve will cut interest rates this year, potentially increasing fuel demand.

A weaker US dollar and China's economic stimulus measures are also supporting oil prices by making oil cheaper for investors holding other currencies and increasing demand from the world's largest oil importer.

The US CPI and China's economic data are expected to significantly influence oil prices in the coming days.

China will release its economic activity data on Friday.

Additionally, concerns over Canadian oil supply due to a large wildfire approaching Fort McMurray, a major hub for Canada's oil sands industry, are supporting oil prices.

Fort McMurray produces approximately 3.3 million barrels per day of crude, which accounts for two-thirds of Canada's total output.
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