Oil prices rallied this week as U.S. crude and gasoline inventories fell just as hurricane season began and threatens to bring some supply offline.
Oil prices surged this week as hurricane season began, demand improved, and both U.S. crude and gasoline inventories fell. Rising geopolitical risk around the world only added to bullish sentiment.Friday, June 21, 2024The onset of hurricane season in the US, improving demand figures that are corroborated by shrinking crude and product inventories, and more visible Chinese buying have come together to lift oil prices to their highest since early May.
Italy’s oil major ENI BITENI is reported to be looking into a partial divestment of its offshore exploration activities in Ivory Coast, seeking to sell up to 30% of its holding to garner some $1.1 billion from the emerging frontier, home to the largest oil find of 2021 Baleine. Oil Leaks Jeopardize Nigeria’s Supply.
Supply Concern Demand WTI Brent Gasoline Inventories
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