ANKARA, April 24 — Oil prices continued their upward trend today over robust demand indicators in the US, the world’s biggest oil consumer, indicating some tightening in US markets as the summer vacation season approaches, reported Anadolu.
International benchmark Brent crude traded at US$88.55 (RM423) per barrel at 10.30 am local time (0730 GMT), a 0.15 per cent increase from the closing price of US$88.42 per barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at US$83.46 per barrel at the same time, a 0.12 per cent rise from the previous session that closed at US$83.36 per barrel.
The American Petroleum Institute announced late Tuesday an estimated decrease of 3.23 million barrels in US crude oil inventories, against the market prediction of a build of 1.8 million barrels.
The data indicates some tightening in the US markets as the travel-heavy summer vacation season draws near.
If official data from the Energy Information Administration (EIA) later today reveals a reduction in the amount of gasoline and oil stockpiles, prices are predicted to rise even further.
Meanwhile, the longstanding Israeli-Palestinian conflict showed no signs of abating and is continuing to raise geopolitical risks in the Middle East.
Israel is continuing its relentless onslaught for the 201st day despite a UN Security Council resolution demanding an immediate cease-fire in the besieged Gaza Strip. — Bernama-Anadolu
