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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
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
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Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
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Markets 2 MIN READ

Oil prices rise as US crude and fuel inventories seen shrinking

July 24, 2024By Reuters
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NEW YORK – Falling US crude inventories caused oil prices to rebound on Wednesday after several days of decline, while expectations for a nearing ceasefire deal in the Middle East kept prices from continuing to climb.

Brent crude futures for September rose 46 cents to USD 81.47 a barrel by 0020 GMT. US West Texas Intermediate crude for September increased 42 cents to USD 77.38 per barrel.

US crude oil, gasoline and distillate inventories fell last week, according to market sources citing the American Petroleum Institute (API), a trade organization.

Benchmarks picked up accordingly. WTI had lost 7% over the previous four sessions and Brent shed nearly 5% in the previous three.

The API figures showed crude stocks falling by 3.9 million barrels in the week ended July 19, the sources said, speaking on condition of anonymity. Gasoline inventories fell by 2.8 million barrels and distillates shed 1.5 million barrels.

That would be the first time crude stocks in the United States fell for four weeks in a row since September 2023.

Official government data on oil inventory data is due for release on Wednesday.

Oil prices fell to a six-week low on Tuesday, with Brent closing at its lowest level since June 9 on ceasefire talks between Israel and Hamas in a plan outlined by US President Joe Biden in May and mediated by Egypt and Qatar.

Prices also suffered on continued concern that economic softening in China, which is the world’s biggest crude importer, would weaken global oil demand.

(Reporting by Laila Kearney in New York; Editing by Christopher Cushing)

 

This article originally appeared on reuters.com

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