FX & CFD trading involves significant risk
The cost of oil brand West Texas Intermediate continued to rise after the Department of Energy data showed a drop in U.S. oil inventories .
According to data published in the U.S. this week , December 16-22, oil reserves fell by 4.731 million barrels to 367.574 million barrels , while gasoline stocks fell by 0.614 million barrels . to 219.872 million barrels . , while distillate stocks fell by 1.85 million barrels . to 114.105 million barrels . Refining capacity utilization rate was 92.7 % against 91.5 % a week earlier .
The tone of trading on Friday also asked the positive data on the U.S. labor market . According to the released data on Thursday, the U.S. Labor Department , the number of initial claims for jobless benefits in the week December 15-21 declined significantly more than expected . These findings are the latest in a series of economic reports showing the acceleration of U.S. GDP growth , which, according to market participants, can increase consumer spending on discretionary goods demand , such as gasoline .
On the eve of futures prices for gasoline and diesel fuel reached multi-month highs on expectations of a relatively high demand for petroleum products .
Gasoline prices also got support from news that Trainer refinery in Pennsylvania , owned by Delta Air Lines Inc. 'S (DAL), plans to conduct technical work next week.
Cost February futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.67 per barrel on the New York Mercantile Exchange.
February futures price for North Sea Brent crude oil mixture fell 4 cents to $ 111.94 a barrel on the London exchange ICE Futures Europe.
|remaining time till the new event being published|
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.