Oil prices on track for weekly gain amid high U.S. demand & More News Here

An aerial view reveals oil stockpiling amenities in unidentified location, South Korea, on this handout image taken on July 14, 2005. Picture taken on July 14, 2005. Korea National Oil Corp/Handout through REUTERS/File Photo

LONDON, June 10 (Reuters) – Oil rose on Friday and was on track for one other weekly gain supported by strong gas demand within the United States, though recent COVID-19 alerts in Shanghai and Beijing curbed positive factors.

Brent crude was up 40 cents, or 0.3%, at $123.47 a barrel at 0934 GMT whereas U.S. West Texas Intermediate crude rose 30 cents, or 0.3%, to $121.81 a barrel.

With prices general rallying previously two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly improve.

“The summer driving season in the U.S. is seeing record surges in gasoline and diesel consumption,” analysts at Fitch Solutions mentioned.

Peak summer season gas demand within the United States has pushed gasoline to almost $5 a gallon.

Oil prices additionally discovered assist from fears of a possible disruption in provide in Europe.

Norway’s oil output may very well be decreased if staff go on strike on Sunday, the Norwegian Oil and Gas Association (NOG) mentioned. learn extra

Some 845 of roughly 7,500 staff on offshore platforms plan to strike from June 12 if annual pay negotiations with employers fail.

The prospect of reaching a nuclear take care of Iran and the lifting of U.S. sanctions on the Iranian vitality sector additionally appeared to be receding, supporting the oil rally.

Iran on Thursday dealt a near-fatal blow to possibilities of reviving the nuclear deal because it started eradicating primarily all of the International Atomic Energy Agency monitoring gear put in beneath the deal, IAEA chief Rafael Grossi mentioned. learn extra

“A strategic détente between the United States and Iran would allow 1 million barrels per day of Iranian crude oil exports to return to global markets and would therefore provide some relief to global oil prices,” analysts at BCA Research mentioned.

Oil prices fell greater than $1 earlier within the session amid recent lockdowns in China.

Shanghai and Beijing went again on COVID alert on Thursday. Parts of Shanghai imposed new lockdown restrictions and town introduced a spherical of mass testing for thousands and thousands of residents. learn extra

“Oil has continued retreating in Asia, driven by China slowdown fears after widened COVID mass testing was announced for Shanghai this weekend,” mentioned Jeffrey Halley, a senior market analyst at OANDA.

China’s crude oil imports in May had been up practically 12% from a yr earlier, once they had been low.

But refiners had been nonetheless battling high inventories, with COVID-19 lockdowns and a slowing economic system weighing on gas demand final month. learn extra

“This does not indicate that oil demand is picking up. Instead, China is likely to have acted opportunistically, buying crude oil from Russia at a significantly lower price than the global market level in order to replenish its stocks,” Commerzbank analyst Carsten Fritsch mentioned.

Investors had been additionally cautious forward of U.S. inflation information later within the day, which might information the Federal Reserve’s coverage tightening path. learn extra

Reporting by Bozorgmehr Sharafedin in London, further reporting by Yuka Obayashi in Tokyo and Koustav Samanta in Singapore; modifying by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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