Crude oil prices continued to rise after closing at a five month high, with us weekly inventory data strengthening confidence in a sustained recovery in energy demand in the world’s largest economy.
after rising 2.6% on Wednesday, New York crude oil futures continued to stay at the level of around $43 a barrel. The US Energy Information Administration reported that US crude oil inventories fell for the third consecutive week, which is the first time this year. Gasoline demand has rebounded to near the level before the implementation of the anti epidemic home order, and the operating rate of US refineries has increased to more than 80% for the first time since March.
but investors are also keeping a close eye on the weekly increase in supply at Cushing, Oklahoma, since early July. In addition, the recovery in demand in some other parts of the world also appears to be stalling, with India’s demand for oil products falling 12% year-on-year in July.
oil prices closed above the 200 day moving average for the first time since January on Wednesday, which may indicate that it is expected to break through the narrow range of volatility that has not been broken through for months. However, the new outbreak in many parts of the world is still far from being effectively controlled, so it is unlikely that the oil price will return to the level before the outbreak.
at 08:21 Singapore time, WTI futures contract for September delivery on the New York Mercantile Exchange held steady at US $42.68 per barrel. The contract closed at US $42.67 on Wednesday, the highest level since March 5.
the price of Brent crude oil for October delivery on ice European futures exchange changed little to US $45.42 per barrel; the contract rose 2.1% on Wednesday