Brent crude oil

Brent crude futures held above $123 per barrel on Thursday after settling 2.5% higher in the previous session, amid signs of further market tightness in US crude inventories. Crude stocks at the Cushing hub dropped to the lowest since early March, while gasoline inventories are at the lowest seasonal level in eight years, EIA data showed. Fuel consumption is rising even as retail gasoline prices approach a record $5 per gallon, with the four-week average for motor fuel demand rising to 9 million barrels a day for the first time this year following the Memorial Day weekend. Oil prices have been pushed higher this year as economies recovered from the pandemic, while Russia’s invasion of Ukraine disrupted trade flows and caused further tightening. China’s ongoing reopening after recent lockdowns also added to the buying pressure. Meanwhile, Goldman Sachs said that prices needed to rally further before achieving the demand destruction required for market rebalancing. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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