Oil extends gains on higher gasoline demand, tighter supply

Tokyo, May 23 (BNA): Oil prices continued their rally on Tuesday as investors expected a market tightening led by a seasonal increase in gasoline demand and supply cuts from OPEC+ producers, despite concerns about the risks of a US debt default.

Brent crude futures rose 28 cents, or 0.37%, to $76.27 a barrel by 0320 GMT, while US West Texas Intermediate crude was $72.36 a barrel, up 31 cents, or 0.43%, Reuters reported.

It was the second day of gains after Brent rose 0.5% on Monday. WTI rose 0.6%, amid a 2.8% increase in US gasoline futures ahead of the May 29 Memorial Day holiday that traditionally marks the start of the summer peak fuel demand season.


Source link

READ MORE  Bahrain attracts $290 million investment in manufacturing, logistics

Leave a Comment