14.4 C
Qādiān
Saturday, March 15, 2025

Reshaping Perspectives and Catalyzing Diplomatic Evolution

Supply shortage issues push oil higher

Data from the American Petroleum Institute on Tuesday evening showed a sharp drop in crude oil and fuel inventories in the United States.

According to data from the institute, crude inventories fell about 6.8 million barrels in the week ending May 19, gasoline inventories fell about 6.4 million barrels , while distillate stocks fell by about 1.8 million.

Meanwhile, some OPEC+ countries began implementing production cuts this month. Concerns have grown over the possibility of further cuts being announced after Saudi Energy Minister Prince Abdulaziz bin Salman said he would keep sellers short, who are betting prices will fall, ” in pain” and called on them to be “careful”.

Some investors took that as a sign that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, could consider announcing further production cuts at a meeting on June 4.

price movement

Brent crude futures rose 86 cents, or 1.1%, to $77.70 a barrel at 0007 GMT, while U.S. West Texas Intermediate crude rose 88 cents, or 1.2%, at $73.79 a barrel, according to Reuters data.

Read the Latest World News Today on The Eastern Herald.

More

Ukraine undermines peace talks with wave of drone attacks on Russia

Russian air defense systems intercepted and destroyed 28 Ukrainian...

US economy suffers as Trump’s trade wars backfire on American businesses

The United States experiencing a modest increase in consumer...
Follow The Eastern Herald on Google News. Show your support if you like our work.

Author

Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Editor's Picks

Trending Stories

Laurita Fernandez poses totally nude on her back in her Instagram

Laurita Fernandez is one of the most talented dancers...

NYT Spelling Bee Answers & Hints for Friday, March 14, 2025

The New York Times Spelling Bee is a delightful...

Israel’s downfall under Netanyahu’s reckless leadership

The Israeli opposition leaders have intensified their criticism of...