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US OIL

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US OIL

WTI crude price held above $122 per barrel on Thursday after settling 2.3% higher in the previous session, amid signs of further market tightness in US crude inventories. Crude stocks at the Cushing hub dropped to the lowest since early March, while gasoline inventories are at the lowest seasonal level in eight years, EIA data showed. First support on further decline will be $119.43 and first resistance to be tested is $123.60 Level.

WTI crude price held above $122 per barrel on Thursday after settling 2.3% higher in the previous session, amid signs of further market tightness in US crude inventories. Crude stocks at the Cushing hub dropped to the lowest since early March, while gasoline inventories are at the lowest seasonal level in eight years, EIA data showed. Fuel consumption is rising even as retail gasoline prices approach a record $5 per gallon, with the four-week average for motor fuel demand rising to 9 million barrels a day for the first time this year following the Memorial Day weekend. Oil prices have been pushed higher this year as economies recovered from the pandemic, while Russia’s invasion of Ukraine disrupted trade flows and caused further tightening. China’s ongoing reopening after recent lockdowns also added to the buying pressure. Meanwhile, Goldman Sachs said that prices needed to rally further before achieving the demand destruction required for market rebalancing.

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08 June 2022 14:06

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