Energy
REPORT: Oil Prices Rise Globally On Account Of Lower US Inventories
Oil prices globally rose by more than US$1 per barrel today, extending gains from the previous trading sessions following a bullish trend among investors, a drop in US crude oil inventories, and an upsurge in petrol (gasoline) demand in the US.
Brent crude futures for Septermber 2022 delivery rose by US$1.2 to hit US$107.82 per barrel, marking an increase of 1.1 per cent. Crude had risen by US$2.22 a barrel on Wednesday.
Meanwhile, West Texas Intermediate crude rose by US$1.44, or 1.5 per cent, to US$98.70 a barrel, after increasing US$2.28 a barrel in the previous session.
The Federal Reserve raised interest rates by 0.75 per cent points yesterday, in line with expectations to control inflation, while the dollar fell on hopes of a slower rate hike.
Data from the US Energy Information Administration revealed that US crude stocks fell by 4.5mn barrels last week, compared to expectations for a decline of one million barrels, while demand for gasoline in the United States increased by 8.5 per cent on a weekly basis.
-
OER Magazines1 month ago
OER, September 2024
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, September 24
-
Uncategorized4 weeks ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Commodities1 month ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance1 month ago
Apple Pay Officially Launched in Oman
-
Oil & Gas1 month ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Investment1 month ago
With Over RO600M in Foreign Investments, Future Fund Oman Unveils the First Batch of Investment Projects with an Overall Value of RO830M+
-
Lifestyle1 month ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season