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Crude Oil Prices Edge Up Amid Geopolitical Tensions

19 Jun 2024 8:27 am
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Mumbai, 19 Jun (Commoditiescontrol): Crude oil prices saw a slight uptick in early trading on Wednesday, driven by concerns over escalating conflicts in Europe and the Middle East, which overshadowed worries about an unexpected rise in U.S. crude inventories. Brent crude futures for August delivery rose by 6 cents to $85.39 per barrel, while U.S. West Texas Intermediate (WTI) crude for June delivery increased by 10 cents to $81.67 per barrel.

Both benchmarks had gained more than a dollar in the previous session following a Ukrainian drone strike that caused a fire at an oil terminal in a major Russian port, as confirmed by Russian officials and a Ukrainian intelligence source.

In the Middle East, tensions heightened as Israeli Foreign Minister Israel Katz warned of a potential "all-out war" with Lebanon's Hezbollah, amidst U.S. efforts to prevent a broader conflict between Israel and the Iran-backed group. The potential for an escalating war in the region raises concerns about possible disruptions to crude supplies from key producers.

Tempering further increases in oil prices, U.S. crude stockpiles unexpectedly rose by 2.264 million barrels for the week ending June 14, according to market sources citing American Petroleum Institute (API) data on Tuesday. Analysts had anticipated a draw of 2.2 million barrels. Additionally, gasoline inventories decreased by 1.077 million barrels, while distillate stocks increased by 538,000 barrels, according to the sources, who spoke on condition of anonymity. Official U.S. stockpile data from the Energy Information Administration (EIA) is expected at 1500 GMT.

The mixed inventory data, combined with geopolitical uncertainties, continues to influence crude oil prices, leaving the market on edge as traders watch for further developments.

(By Commoditiescontrol Bureau: 09820130172)

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