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Oil prices crossed $122 as U.S. inventory data highlighted tight fuel supplies

 Last Update: 2023-02-19
 Source: Internet
 Author: User

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Oil prices maintained their rally after official U.
S.
data showed declines in Cushing's crude oil and gasoline inventories, exacerbating concerns about global supply constraints
.

West Texas intermediate oil futures broke through $122 a barrel, near a three-month high
.
The U.
S.
Energy Information Administration's report on Wednesday showed Cushing's crude oil inventories fell by 1.
59 million barrels last week.
Gasoline inventories also fell as demand rose
.

Rebecca Babin, a senior energy trader at CIBC Private Wealth Management, said this week's government inventory report showed implied gasoline demand rebounding to a 5-year average, "both technically and fundamentally bullish," and WTI appeared set to hold on to $
120.

Oil prices rose
in early trading.
UAE Energy Minister Suhail Al-Mazrouei said earlier at a conference in Jordan that oil prices were far from near peaks
.
He also said that OPEC is struggling to resume production as planned, and only a few member countries have spare capacity
.

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