EUR/USD 1.13861
0.053%
Gold 4023.88
0.575%
Oil 79.833
2.620%
USD/JPY 162.330
-0.072%
GBP/USD 1.33561
0.079%
GBP/JPY 216.814
0.000%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The yield on German two-year government bonds rose to 2.7854%, a new high since July 2024, up 6.5 basis points on the day.The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred at 14:24 on July 14 in Gerze County, Ngari Prefecture, Tibet (34.35°N, 83.36°E), with a focal depth of 10 kilometers.US June Seasonally Adjusted CPI MoM (Previous: +0.5%; Expected: -0.1%) 1. Citigroup: -0.2%; Union Bank: -0.2%; Commerzbank: -0.2%; DekaBank: -0.2%; Barclays: -0.2%; 2. HSBC: -0.2%; JPMorgan Chase: -0.2%; Moodys Analytics: -0.2%; Nomura Securities: -0.2%; Deutsche Bank: -0.2%; 3. Oxford Economics: -0.2%; RBC: -0.2%; Standard Chartered Bank: -0.2%; TD Securities: -0.2%; Morgan Stanley: -0.2%; 4. ABN AMRO: -0.1%; ANZ: -0.1%; Bank of America: -0.1%; Goldman Sachs: -0.1%; Danske Bank: -0.1%; 5. ING: -0.1%; BNP Paribas: +0.0%; Capital Economics: +0.0%; Sumitomo Mitsui: +0.0%; Lloyds Banking Group: +0.0%; Societe Generale: +0.0%; UniCredit: +0.0%; Westpac: +0.0%; Scotiabank: +0.1%; Spartacus: +0.3%. US June seasonally adjusted core CPI month-on-month rate (previous value: +0.2%, expected value: +0.2%) 1. ABN AMRO: +0.2%; ANZ: +0.2%; Citigroup: +0.2%; Union Bank: +0.2%; Commerzbank: +0.2%; 2. DekaBank: +0.2%; Goldman Sachs: +0.2%; HSBC: +0.2%; JPMorgan Chase: +0.2%; Deutsche Bank: +0.2%; 3. Moodys Analytics: +0.2%; Nomura Securities: +0.2%; Oxford Economics: +0.2%; TD Securities: +0.2%; Morgan Stanley: +0.2%; 4. Bank of America: +0.3%; Capital Economics: +0.3%; ING: +0.3%; Sumitomo Mitsui: +0.3%; Danske Bank: +0.3%; 5. Scotiabank: +0.3%; Standard Chartered Bank: +0.3%; UniCredit: +0.3%; Santander: +0.3%; BNP Paribas: +0.4%.Polish Prime Minister Tusk: Peace in Ukraine seems unlikely to be achieved anytime soon.Market news: Nvidia partner GMI Cloud is seeking a $635 million GPU mortgage loan.

Oil prices rise in the United States due to limited supply and growing fuel demand

Haiden Holmes

Jul 28, 2022 11:24

26.png


Oil prices gained on Thursday, extending gains from the previous session, on the back of falling crude inventories and rising gasoline demand in the United States.


Brent oil futures for September rose 40 cents, or 0.4%, to $107.02 a barrel as of 00:10 GMT on Thursday, following Wednesday's $2.22 increase.


The price per barrel of U.S. West Texas Intermediate crude (WTI) increased by 52 cents, or 0.5%, to $97.78, following a gain of $2.28 in the previous session.


According to the Energy Information Administration, crude oil stockpiles in the United States declined by 4.5 million barrels last week, while gasoline consumption rose by 8.5% week over week.


As WTI traded at a substantial discount to Brent, global buyers found U.S. crude grades to be increasingly attractive.


On the demand side, the U.S. Federal Reserve increased its benchmark overnight interest rate by three-quarters of a percentage point, as expected, to combat inflation, while the dollar fell owing to expectations of a slower rate of rate rises.


The falling dollar also contributed to the rise in crude oil costs, as it makes oil purchased in dollars more cheap for international customers.


A senior G7 source revealed on Wednesday that the richest nations of the Group of Seven want to establish a price-capping mechanism on Russian oil shipments by December 5.


This week, executives indicated that the availability of fracking equipment and people, in addition to financial constraints, might hamper the increase of U.S. crude oil production.


Russia has restricted gas supply through Nord Stream 1, its principal gas pipeline to Europe, to 20% of capacity. According to experts, this may trigger a shift from gasoline to crude oil in the near future, driving up oil prices.

Suggestion