Oil prices continued to rise on Friday and are set for a weekly increase. This is due to expectations of strong demand in the United States after reports showed a drop in gasoline and distillate inventories. Prices also got a boost from concerns about potential disruptions in Russian oil supplies.
Market Prices:
- Brent crude futures rose by 16 cents (0.2%) to $76.64 per barrel as of 01:23 GMT.
- U.S. West Texas Intermediate (WTI) crude increased by 17 cents (0.2%) to $72.65 per barrel.
Both crude oil benchmarks are on track to record a weekly gain of about 3%.
U.S. Energy Report:
The U.S. Energy Information Administration (EIA) reported that crude oil stocks in the U.S. have increased. However, gasoline and distillate inventories have fallen because of seasonal refinery maintenance, which reduced refining activities.
