- Analytics
- News and Tools
- Market News
- Oil erases losses
Oil erases losses
Oil rose as a U.S. government report showed fuel demand increased last week and gasoline production dropped to the lowest level in almost two years.
Futures climbed as much as 0.6 percent after the Energy Department reported that total fuel consumption increased 7.5 percent to 19.2 million barrels a day in the week ended Jan. 20. Gasoline output tumbled 2.8 percent to 8.54 million barrels, the least since February 2010. Crude supplies rose 3.56 million barrels as fuel inventories dropped, the report showed.
Crude oil for March delivery rose 34 cents, or 0.3 percent, to $99.29 a barrel at 11:20 a.m. on the New York Mercantile Exchange. Futures traded at $97.70 a barrel before the release of the report at 10:30 a.m. in Washington. Prices are up 15 percent from a year earlier.
Brent oil for March settlement increased 52 cents, or 0.5 percent, to $110.55 a barrel on the London-based ICE Futures Europe exchange.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
