ADVERTISEMENT
  • Africa
  • World
  • Our Shows
    • Entrepreneurship
    • Destination Business
    • 101business TV Show
Business 360 News
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
Business 360 News
No Result
View All Result
Home Energy

Oil Prices Steady as Investors Await U.S. Consumer Price Data Amid Strong Summer Demand

Business 360 by Business 360
June 25, 2024
in Energy, News, Oil
0
Oil drops as investors gauge big chill impact on U.S. refineries

Oil prices remained stable on Tuesday following a rise in the previous session, with investors showing caution ahead of the U.S. consumer price data release. Despite this cautious stance, the market continues to be buoyed by expectations of increased demand during the summer months.

Brent crude futures for August settlement saw a slight increase of 5 cents, reaching $86.06 per barrel at 0440 GMT. This follows a 0.9% gain on Monday. Similarly, U.S. crude futures for August delivery edged up by 6 cents to $81.69 per barrel, after climbing 1.1% in the previous trading session. Both benchmarks experienced approximately 3% growth last week, marking two consecutive weeks of gains.

The surge in oil prices is attributed to rising gasoline demand and declining oil and fuel stockpiles, as the United States, the world’s largest oil consumer, enters its peak summer consumption period. Preliminary data from a Reuters poll on Monday suggested that U.S. crude oil stockpiles likely fell by 3 million barrels in the week leading up to June 21. The same poll indicated a probable decline in gasoline stocks, although distillate inventories were expected to have increased during the same period.

“The surge in oil prices was triggered by an optimistic demand outlook and reduced U.S. inventories. With the Northern Hemisphere entering a hot summer and the upcoming hurricane season, demand is expected to continue increasing in the coming months,” commented independent market analyst Tina Teng.

The cautious market sentiment ahead of the U.S. consumer price data reflects investor concerns about inflationary pressures and potential impacts on economic growth and energy demand. However, the anticipated rise in summer travel and the associated increase in gasoline consumption are providing support to oil prices.

In addition to domestic factors, global market dynamics also play a role. The ongoing geopolitical tensions and production adjustments by major oil producers, including the Organization of the Petroleum Exporting Countries (OPEC) and its allies, continue to influence supply and demand balances, contributing to price stability and potential increases.

Tags: #Energy#News#Oil
Previous Post

SEC Director General Highlights Role of Sustainable Finance in Advancing Corporate Trustee Responsibilities

Next Post

Oil Prices Slide Amid Concerns Over Cooling U.S. Economy

Business 360

Business 360

Next Post
Oil prices fall again amid concerns over demand rebound

Oil Prices Slide Amid Concerns Over Cooling U.S. Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

FMDQ Admits TSL SPV PLC ₦12.00 billion Series 1 Guaranteed Fixed Rate Infrastructure Bond to its Platform

March 11, 2021
NCAC inaugurates Creative Industry Sub-Committees

NCAC inaugurates Creative Industry Sub-Committees

September 20, 2020
#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

October 21, 2020
SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

September 21, 2020
‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

25
Goldlink’s restructures board

Goldlink’s restructures board

10
Airtel Africa Plc gets admitted to the NSE Main Board

Airtel Africa Plc gets admitted to the NSE Main Board

6
Stallion Tank Farm resumes operations

Stallion Tank Farm resumes operations

3
Oil Prices Dip After U.S. Inventory Build and Saudi Price Cuts for Asia

Oil Prices Dip After U.S. Inventory Build and Saudi Price Cuts for Asia

June 5, 2025
Asian Stocks Dip as Investors Await Key US Payrolls Data

Asian Stocks Dip as Investors Await Key US Payrolls Data

June 5, 2025
Nigeria-China Partnership to Revive Ajaokuta Steel Under Zero-Cost Investment Model

Nigeria-China Partnership to Revive Ajaokuta Steel Under Zero-Cost Investment Model

June 5, 2025
Internet Subscribers Hit 141.9 Million as GSM Dominates Connectivity

Internet Subscribers Hit 141.9 Million as GSM Dominates Connectivity

June 5, 2025
Business 360 News

Business 360 News is a Business and Financial News Platform with an SMEs drive. Published by 360 Network Limited, and created with the aim of disseminating unbiased business stories to readers within and outside Nigeria, providing in-depth analysis of our stories from a critical perspective against the backdrop of realities, actualities, objectivity and balance.

Follow Us

Browse by Category

  • Africa
  • Agribusiness
  • Agriculture
  • AI
  • Art
  • Arts
  • Aviation
  • Banking
  • Blockchain
  • Business 360 Weekly
  • Business news
  • Business Travels
  • Capital Market
  • CHINA
  • Corporate
  • Cryptocurrency
  • Destination Business
  • East Africa
  • Economy
  • Education
  • Electric Vehicles
  • Electricty
  • Energy
  • Entertainment
  • Entertainment
  • Entrepreneurship
  • EV
  • Fashion
  • Fashion
  • Feature
  • Finance
  • Gas
  • Global Economy
  • Health
  • Hospitality
  • ICT
  • Insurance
  • IoT
  • Japan
  • Lifestyle
  • Luxury
  • Maritime
  • Meetings
  • Mortgage
  • News
  • NGOs
  • Oil
  • Petrol
  • Political Economy
  • politics
  • Real Estate
  • Real Estate
  • SMEs
  • Society
  • Solar Energy
  • South Africa
  • Sports
  • Start-Ups
  • Stocks
  • Success Stories
  • Tax
  • Tech
  • Tourism
  • Transportation
  • UK
  • Uncategorized
  • US
  • World

Recent News

Oil Prices Dip After U.S. Inventory Build and Saudi Price Cuts for Asia

Oil Prices Dip After U.S. Inventory Build and Saudi Price Cuts for Asia

June 5, 2025
Asian Stocks Dip as Investors Await Key US Payrolls Data

Asian Stocks Dip as Investors Await Key US Payrolls Data

June 5, 2025
  • Africa
  • World
  • Our Shows

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!

No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!