#Oil_prices rose on Wednesday on expectations for higher demand as the U.S. dollar weakened and a report showed U.S. crude and #gasoline inventories fell while the release of inflation data may point to a more supportive economic outlook.
#Brent_crude futures were up 39 cents, or 0.5%, at $82.77 a barrel at 0630 GMT. U.S. #West_Texas Intermediate crude futures (WTI) rose 42 cents, or 0.5%, to $78.44 a #barrel.
U.S. crude oil inventories fell by 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday.
#Gasoline inventories fell by 1.269 #million barrels and distillates rose by 673,000 barrels.
#USA_government inventory data is due later on Wednesday and are likely to also show a drop in crude #stockpiles as refineries increase their runs to meet increased fuel #demand heading into the peak #northern hemisphere summer driving season.
Still, the International Energy Agency (#IEA) trimmed its forecast for 2024 oil demand growth on Wednesday by 140,000 barrels per day (#bpd) to 1.1 million bpd, largely citing weak demand in developed #OECD nations.
“Prices will remain range bound between $80-$90 through 2Q24,” said Macquarie global oil and gas strategist Vikas Dwivedi.
“After 2Q, we expect oil will become bearish as a result of non-OPEC supply growth, decreasing OPEC+ space capacity and softer-than-anticipated demand due to persistent inflation.”
U.S. consumer #price index (CPI) data is also due on Wednesday and should give a clearer indication whether the #Federal_Reserve may cut interest rates later this year, which could spur the economy and boost fuel demand.
#Oil_prices also found support from a softer U.S. dollar and concerns around Canadian oil supply.
A large wildfire is approaching Fort McMurray, the hub for Canada’s oil sands industry that produces 3.3 #million barrels per day of crude, or two-thirds of the country’s total output.
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