Oil holds onto gains as prices are kept afloat by a robust demand

Texas Oil

Oil prices, help on to most of its gains of almost 2 percent from the previous session, these prices were kept afloat after the International Energy Agency raised its forecast for growth in oil demand.

London Brent Cure futures for November deliveries was down by 11 cents and was being sold at $55.05 per barrel, after settling in the session with an increase of 89 cents, an equivalent of 89 percent.

NYMEX crude futures for October deliveries was down by 4 cents being sold at $49.26 after ending with a $1.07 or 2.2 percent increase in the previous session.

The global oil surplus is starting to shrink due to stronger-than-expected European and U.S. demand growth, as well as production declines in the OPEC and non-OPEC countries, the international Energy Agency said on Wednesday.

U.S. Gasoline stocks were down by 8.4 million barrels, which is the largest weekly decline since the data began in 1990. U.S. gasoline futures extended declines from the previous session as demand is expected to slip due to the effects of Hurricane Irma on the high-consuming states Florida and Georgia.

Exxon Mobil Corp. stated on Wednesday that is was restarting its 362,300- barrel-per-day, in Beaumont, Texas refinery for the first time since it was temporarily shut down by Hurricane Harvey.

The global oil surplus is beginning to shrink due to stronger-than-expected European and U.S. demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday.

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