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  4. Oil Up in Asia As U.S. Summer Driving Season Nears
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Oil Up in Asia As U.S. Summer Driving Season Nears

By Gina Lee AiVIF.com – Oil prices rose Wednesday morning in Asia with investors weighing supply tightness of gasoline against the possibility of economic slowdowns and...
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Oil Up in Asia As U.S. Summer Driving Season Nears © Reuters

By Gina Lee

AiVIF.com – Oil prices rose Wednesday morning in Asia with investors weighing supply tightness of gasoline against the possibility of economic slowdowns and continued lockdowns in China.

Brent oil futures rose $1.26, or 1.14%, to $111.95 a barrel by 1:28 AM ET (5:28 AM GMT) and crude Oil WTI futures were up 1.22%, to $111.11.

Oil inventories in the U.S. rose last week but gasoline stocks fell, according to American Petroleum Institute (API) data released Tuesday. Inventories of crude increased by 567,000 barrels for the week to May 10, that was a surprise increase and contrasted with a 2.4 million barrel draw the week earlier. Analysts had been expecting a decrease in inventories of 690,000 barrels.

However, gasoline inventories fell by 4.2 million barrels, which continued to stoke fears of rising gas prices and the impact of those prices on inflation. The drop in gasoline stocks and likely increase in prices comes at an inconvenient time, with the busy U.S. driving summer season about to start.

Distillate stocks also dropped by 949,000 barrels.

Data on stockpiles from the U.S. Energy Information Administration is expected on Wednesday.

In China, Shanghai continued a slow move towards opening but Beijing stepped up quarantine efforts as it continues to battle a month-old COVID outbreak.

The International Energy Agency (IEA) warned this week that prices are set to continue surging unless demand from China remains weak in the months ahead. According to Platts, demand for oil from China fell 11.5% year on year in April. That could change, however, if lockdowns in various cities begin to ease.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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157.91

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
RON 95-III24.91025.400
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EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
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