Connect with us

Hi, what are you looking for?

Lifestyle

Oil Prices Jump After 2-Day Slump

oil prices

NEW YORK, May 12 (Bernama) — Oil prices surged on Wednesday, recouping some of the massive losses they had suffered earlier this week, reported Xinhua.

The West Texas Intermediate for June delivery added US$5.95, or 6 per cent, to settle at US$105.71 a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased US$5.05, or 4.9 per cent, to close at US$107.51 a barrel on the London ICE Futures Exchange.

The rally followed a two-day losing streak on the oil market, which saw the US crude standard and Brent both shed about 9 per cent during the previous two sessions.

Concerns over tight supplies persisted as the European Union (EU) worked on gaining support for an oil embargo against Russia.

In its sixth sanction package aimed against Moscow, the EU plans to phase out Russian crude oil within six months and refined products by the end of the year.

Hungary and other Eastern European countries, whose economies are largely reliant on Russian oil, are not ready yet to accept the sanction package in its current form.

Traders also parsed data on US fuel stockpiles.

The US Energy Information Administration (EIA) reported Wednesday that the nation’s crude inventories increased by 8.5 million barrels during the week ending May 6.

According to the EIA, total motor gasoline inventories decreased by 3.6 million barrels last week, while distillate fuel inventories decreased by 0.9 million barrels.

Sources: BERNAMA

You May Also Like

Lifestyle

It is not Tom Cruise if he is not doing extreme things. On his Twitter account, he presented his fans with a special video of him,...

News

NEW YORK, May 6 (Bernama) — Oil prices rose on Thursday following a strong rally in the prior session, after the European Union (EU)...

News

Recently, a man was reported to have fallen to his death from the fourth floor of a particular shopping complex in Kuala Lumpur. The...

News

The Ministry of Finance Malaysia (MOF) today updated the retail prices for petroleum products for the period of 25 March to 31 March 202....

Advertisement

Copyright © 2021 Siakap Keli Sdn. Bhd.