Oil extends gains on robust U.S. demand, China optimism & More News Here

The Homer Ferrington gasoline drilling rig, operated by Noble Energy and drilling in an offshore block on concession from the Cypriot authorities, is seen throughout President Demetris Christofias’ go to within the east Mediterranean, Nicosia November 21, 2011. REUTERS/Cyprus Public Information Office/Handout

SINGAPORE, June 9 (Reuters) – Oil costs prolonged gains on Thursday, underpinned by robust demand on the earth’s prime client United States whereas demand is predicted to rebound in China as COVID-19 curbs throughout main cities are relaxed.

Brent crude futures for August rose 50 cents, or 0.4%, to $124.08 a barrel by 0153 GMT, whereas U.S. West Texas Intermediate crude for July was at $122.49 a barrel, up 38 cents, or 0.3%.

Both benchmarks closed Wednesday at their highest since March 8, matching ranges seen in 2008.

The United States posted a document fall in strategic crude reserves whilst business shares rose final week, information from the Energy Information Administration (EIA) confirmed on Wednesday.

U.S. gasoline shares unexpectedly dropped, indicating resilience in demand for the motor gas throughout peak summer season regardless of sky-high pump costs. learn extra

“It’s hard to see significant downside in the coming months, with the gasoline market likely to only tighten further as we move deeper into driving season,” ING’s head of commodities analysis Warren Patterson mentioned.

EIA’s information confirmed that obvious demand for all oil merchandise within the United States rose to 19.5 million barrels per day (bpd) whereas gasoline demand rose to eight.98 million bpd, ANZ analysts mentioned in a notice.

Investors will scrutinize May commerce information from China, due later on Thursday, for demand cues on the earth’s No. 2 oil client. Shanghai, the nation’s greatest enterprise hub, emerged on June 1 from a two-month lockdown. learn extra

“China’s reopening continued to boost the demand optimism,” CMC Markets analyst Tina Teng mentioned in a notice.

“The oil price could be heading to the peak of March at above $130 on a very tight supply market.”

Efforts by OPEC+ oil producers to spice up output are “not encouraging”, UAE power minister Suhail al-Mazrouei mentioned on Wednesday, noting the group was at present 2.6 million bpd wanting its goal. learn extra

Last week, the group agreed to speed up manufacturing improve to tame runaway gas costs and sluggish inflation. But the transfer will depart producers with little or no spare capability, and nearly no room to compensate for a significant provide outage. learn extra

Reporting by Florence Tan; Editing by Shri Navaratnam

Our Standards: The Thomson Reuters Trust Principles.

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