WebAdmin 62 0 0 1 year ago 4 min to read

Oil fluctuates due to weak US demand figures and easing supply worries.

After oil flow via the southern section of the Druzhba pipeline through Ukraine restarted on August 4, the price of oil fluctuated on Thursday due to weak demand signals that reduced supply concerns.

At 9:39 a.m. local time (06:39 GMT), the price of international benchmark Brent crude was USD97.37 per barrel, down 0.03 percent from the previous trading session’s closing price of USD97.40 per barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at USD91.91 per barrel at the same time, down by 0.02 percent from the previous session’s closing price of USD91.93 per barrel.

Negative demand sentiment was also sparked by last week’s increase in US fuel stocks.

The Energy Information Administration (EIA) said on Wednesday that US commercial crude oil stocks rose by 5.5 million barrels to 432 million barrels, compared to the market’s expectation of a rise of 73,000 barrels.

However, over the same time period, gasoline stockpiles decreased by five million barrels to 220.3 million barrels.

Russia’s pipeline operator Transneft announced intentions on Wednesday to restart oil pumping at 16.00 Moscow time, easing supply issues (1300 GMT).

Russian oil is delivered by the southern arm of the pipeline to refineries in Hungary, Slovakia, and Czechia.

Additionally, Belarus, Ukraine, Poland, Germany, Czechia, Slovakia, Hungary, Latvia, and Lithuania are all included in its path. The transit fee for the Russian-owned Ukrainian segment is paid by Ukrtransnafta.

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