Oil prices are set to rise again this week after the EIA reported a draw in both crude and gasoline inventories while the AAA forecast rising fuel demand.
Crude oil prices are about to book another weekly gain, boosted by the Energy Information Administration’s latest inventory report. On Thursday, the EIA reported draws across crude and fuels, suggesting the strong driving season some analysts expected may be unfolding indeed. A report by the AAA forecasting record travel over the July 4 weekend also helped boost optimism on the oil market.
Additional support for prices, which have gained some 10% since the start of the month, came from the latest weekly jobless claims report. It showed a decline in the number of people filing for jobless benefits for the first time, suggesting the labor market was going in a positive direction that could finally motivate the Fed to start cutting rates. The U.S.
Crude Oil AAA July 4Th Weekend Inflation Interest Rates Federal Reserve China
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