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Prices have risen Oil In Asian trading on Wednesday, amid rising tensions in the Middle East, a decline in demand limited gains.
Crude futures rose Brent 47 cents, or 0.55%, to $76.92 a barrel, at the time of writing, while U.S. West Texas Intermediate crude rose 45 cents, or 0.60%, to $73.64.
Yahya Sinwar
The Palestinian Islamic Resistance Movement announced (agitation) Yesterday's choice Yahya Sinwar Head of its Political Bureau, succeedingIsmail Haniyeh Who was assassinated in the Iranian capital, Tehran, last week, and Hamas was accused Israel By assassinating him, but the latter remains silent about the matter.
Chinese trade data supported the bearish view on demand, showing that daily crude oil imports in July fell to their lowest level since September 2022.
The broader recovery in prices came after they fell earlier in the trading session, following US data showing an unexpected increase in crude oil and gasoline inventories.
Market sources reported – citing figures from the American Petroleum Institute yesterday – that crude oil, gasoline and distillate inventories in United State It increased last week.
Gasoline stocks rose by 3.313 million barrels, compared with analysts' expectations for a 1 million-barrel decrease, while distillate stocks rose by 1.217 million barrels, a larger-than-expected increase.
and commitment Iran In retaliation against Israel following the assassination of both Haniyeh in Tehran, and the military commander in Hizb allah Fouad Shukr in Beirut, raising fears of a wider war in the Middle East.
Any escalation of the conflict in the Middle East “could increase the risk of supply disruption from the region,” said Daniel Hynes, an analyst at ANZ.
The decline in production at Libya's Sharara oil field, which has a production capacity of 300,000 barrels per day, is also exacerbating concerns about supply shortages.
Global stocks
According to estimates from the US Energy Information Administration published yesterday, global oil inventories fell by about 400,000 barrels per day in the first half of the year. The administration expects inventories to fall by about 800,000 barrels per day in the second half.
China's daily crude oil imports in July fell to their lowest since September 2022, Reuters records of customs data showed, as weak processing margins and lower fuel demand curbed operations at state-owned and independent refineries.
Data from the General Administration of Customs also revealed that the world's largest buyer of crude oil brought in 42.34 million tonnes in July.
