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Oil prices up on wildfires in Canada, US inventories drawdown hopes

Published : Thursday, 16 May, 2024 at 12:00 AM  Count : 62

May 15: Oil prices rose in early trade on Wednesday as large wildfires were threatening Canadas oil sands and as the market expected US crude oil and gasoline inventories to show a drawdown later in the day.

Brent crude futures were up 34 cents, or 0.4% at $82.71 a barrel. US West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel by 0016 GMT.

A large wildfire was approaching Fort McMurray, the hub for Canadas oil sands industry with production of around 3.3 million barrels per day, or two-thirds of the countrys total output, and thousands in suburbs were told to evacuate.

US producer prices rose more than expected in April and, even if the prospect for rate cuts has become less certain, Federal Reserve Chair Jerome Powell said it remained unlikely the Fed would have to raise rates any further.

US consumer prices as well as US crude oil and gasoline inventory data are both due on Wednesday. Market sources cited American Petroleum Institutes figures on Tuesday as saying US crude oil and gasoline inventories fell last week.

The API figures showed crude stocks were down by 3.104 million barrels in the week ended May 10, the sources said on condition of anonymity. Gasoline inventories fell by 1.269 million barrels, and distillates rose by 673,000 barrels.    —Reuters







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