11/07/2024 06:48 PM

ANKARA, July 11 (Bernama-Anadolu) -- Oil prices surged on Thursday, driven by strong demand data from the US Energy Information Administration (EIA) and reduced output from the Organisation of the Petroleum Exporting Countries (OPEC). Despite ceasefire talks in Gaza, ongoing concerns over fuel supplies and Middle East tensions contributed to the rise, reported Anadolu.

Brent crude, the international benchmark, traded at US$85.58 per barrel at 10:41 am local time (0721 GMT), marking a 0.59 per cent increase from its previous session close of US$85.08 per barrel. Meanwhile, West Texas Intermediate (WTI), the American benchmark, rose by 0.54 per cent to US$82.54 per barrel from US$82.10 per barrel previously.

EIA data released late Wednesday revealed a significant decrease of approximately 3.4 million barrels in US commercial crude oil stocks, contrasting with market expectations of a 700,000 barrel increase. Gasoline inventories also fell by around 2 million barrels to 229.7 million barrels, underscoring a positive demand outlook in the world's largest oil consumer.

OPEC's latest monthly report indicated a reduction in crude oil production by 80,000 barrels per day (bpd) in June, bringing total output down to 26.57 million bpd. The broader OPEC+ group, including non-OPEC producers, saw a decline of 125,000 bpd to 40.80 million bpd, further fueling concerns about constrained supply and supporting higher oil prices.

Amidst ongoing conflicts in the Middle East despite ceasefire efforts, geopolitical tensions continue to underpin fears of disrupted supply routes. This has heightened market apprehensions of potential disruptions to oil shipments, contributing to additional upward pressure on prices.


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