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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
View all Reports
Economy 2 MIN READ

Oil gains 1% after U.S. crude stocks signal tighter supply

May 4, 2022By Reuters
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May 4 (Reuters) – Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in U.S. crude and fuel stockpiles, raising supply concerns.

The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow’s oil industry.

European Commission President Ursula von der Leyen is expected to spell out the plans on Wednesday, officials said.

Brent crude futures rose 90 cents, or 0.9%, to USD 105.87 a barrel by 0001 GMT. WTI crude futures rose USD 1.00, or 1%, to USD 103.41 a barrel.

U.S. crude and fuel stocks fell last week, according to market sources citing American Petroleum Institute figures. Crude stocks fell by 3.5 million barrels for the week ended April 29, the sources said. API/S

“The API report had people stop worrying about the demand side and start worrying about the supply side again,” said Phil Flynn, an analyst at Price Futures group.

U.S. government data on stockpiles is due on Wednesday.

During the previous session, demand worries stemming from China’s prolonged COVID-19 lockdowns caused prices to fall by more than 2%.

Beijing is mass-testing residents to avert a lockdown similar to Shanghai’s over the past month. The capital’s restaurants were closed for dining in while some apartment blocks were sealed shut.

(Reporting by Stephanie Kelly; Editing by Sam Holmes)

This article originally appeared on reuters.com

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