US Crude Market

Refiners say record freight rates and crude quality make US barrels less attractive, while discounted Venezuelan oil offers better economics but remains supply-constrained

The president's comments on Tuesday nod to American voters' cost-of-living concerns with November midterm elections just weeks away

Indian refiners say only small volumes of Venezuelan crude are being offered as most supplies are directed to the United States

Overnight, the Swiss National Bank cut rates for a second time while the Bank of England opened the door to an easing in August after holding rates steady

The U.S. Energy Information Administration (EIA) said energy firms pulled 4.3 million barrels of crude from stockpiles during the week ended December 8

Brent crude futures firmed 95 cents or 1.14% to $83.98 per barrel by 0411 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents or 1.02% to $79.00 per barrel

Both OPEC and US Energy Department have cut their demand outlooks, while a flare-up in Covid cases in China has sparked fresh concerns over fuel consumption in the world's top crude importing-country

The US launched an auction for 32 million barrels of crude from four strategic petroleum reserves (SPR) sites to be delivered between late-December and April 2022

Oil rose to around $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as US-China trade hopes gave riskier assets a boost

Oil prices dipped slightly on Wednesday after four straight days of declines, as investors remain worried about the outlook for fuel demand

Oil prices climbed on June 24 after a sharp drawdown in United States crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand

By Laila Kearney

Oil prices gain as US fuel stocks drop, OPEC+ considers deal rollover

U.S. West Texas Intermediate was down 49 cents or 0.8% at $62.73, after also hitting a 13-month high of $63.79

Gasoline production last week declined as a result of the Texas refinery shutdowns, to 7.7 million bpd

On Wednesday, daily earnings for supertankers sailing on the benchmark Middle East to China route were -$1,190, according to figures from the Baltic Exchange in London

Oil prices found some support on Wednesday from the U.S. dollar hitting its lowest against a basket of currencies since 2018, making oil cheaper for holders of other currencies

Oil also drew support from signs that talks between the White House and Democrats in Congress on a new coronavirus relief package are making progress, although the sides remain far apart

Brent crude was up $1.50, or 3.4 per cent, at $45.93 a barrel

Both benchmarks rose 2% on Wednesday following a sharp drawdown in US crude inventories