Oil edges up as US inventories rise
The surprise build in US crude stocks dampened some optimism around rising Chinese demand and lower Russian supplies
Oil prices were up marginally in a volatile session on Thursday, after a surprise build in US crude stocks dampened some optimism around rising Chinese demand and lower Russian supplies.
Brent crude futures rose 61 cents, or 0.7%, to $85.59 a barrel at 1643 GMT US West Texas Intermediate (WTI) crude rose 39 cents, or 0.5%, to $79.87 a barrel.
Prices were down by more than a dollar per barrel earlier in Thursday’s session, continuing to slide from Wednesday as traders booked profits and US data showed the economy losing momentum.
US gasoline refining margins traded at a new five-month high for the fourth-straight session on Thursday, amid optimism around rising travel demand from China’s reopening.
Published in The Express Tribune, January 20th, 2023.
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