By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Oil prices increase due to declining US crude inventory and tensions in the Middle East – News
Share
Notification Show More
Latest News
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Oil prices increase due to declining US crude inventory and tensions in the Middle East – News
Business

Oil prices increase due to declining US crude inventory and tensions in the Middle East – News

News Room
Last updated: 2024/07/03 at 2:06 PM
News Room
Share
3 Min Read
SHARE

Oil prices saw an increase on Wednesday due to a larger-than-expected drop in US crude stockpiles and escalating tensions in the Middle East. Brent crude futures rose by 0.5% to $86.70 per barrel, while U.S. West Texas Intermediate crude futures climbed 0.5% to $83.23 per barrel. Both benchmarks had reached their highest levels since April during intraday trading on Tuesday but closed lower as concerns over Hurricane Beryl disrupting production in the Gulf of Mexico eased.

Analysts predict that Hurricane Beryl will weaken into a tropical storm as it enters the Gulf of Mexico later in the week, reducing the potential impact on oil supplies. Despite fears of supply disruptions, the market saw some unwinding of gains due to greater clarity on the situation. A significant drawdown in US crude inventories provided support for oil prices, along with ongoing tensions in the Middle East.

US crude oil inventories fell by 9.163 million barrels in the week ended June 28, according to the American Petroleum Institute. However, gasoline inventories rose by 2.468 million barrels, and distillates fell by 740,000 barrels. Market expectations were for a 700,000-barrel draw in crude inventories, a 1.3-million-barrel drop in gasoline stocks, and a 1.2-million-barrel fall in distillates stocks.

Despite the drawdown in crude inventories, some investors sought to take profits from the recent price rally to the highest levels since April. The Energy Information Administration is set to release its weekly data on Wednesday, which will provide further insights on inventory levels and demand trends. Meanwhile, US gasoline demand is expected to increase as the summer travel season picks up with the Independence Day holiday.

In the Middle East, tensions have been escalating with Israeli forces bombing areas in the southern Gaza Strip, leading to thousands of Palestinians fleeing their homes. The Israeli military and Hezbollah have also been exchanging fire along Lebanon’s southern border. Analysts believe that the risk of a broader conflict in the region could impact oil prices in the near term, adding upside risks to the outlook.

OPEC’s oil output rose in June for the second consecutive month, as higher supply from Nigeria and Iran offset voluntary supply cuts by other members. The wider OPEC+ alliance has been working to stabilize oil markets amid fluctuating demand and geopolitical tensions. Overall, the oil market remains sensitive to developments in the Middle East, inventory levels, and global demand trends, with prices responding to supply disruptions and geopolitical risks.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room July 3, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Sharjah Ruler orders prompt maintenance of Al Farahidi School
Next Article Emirati UFC Fighter Mohammad Yahya Set for Next Fight in Abu Dhabi – News
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports June 10, 2025
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
Business

Smpl Fund I Invests $250,000 in Qora71, Supporting AI and Tech Entrepreneurs in MENA

February 4, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?