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FILE PHOTO: FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County
By Jessica Resnick-Ault
NEW YORK (Reuters) – Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories.
Signs of strong Asian demand from both China and India also strengthened the market.
Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. ET (1712 GMT). U.S. West Texas Intermediate futures were up $1.67, or 2.3%, at $74.61.
“The market is coming to grips with the historic drop in U.S. oil inventories, and dimmed prospects of Iranian oil returning to the market,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
By Jessica Resnick-Ault NEW YORK (Reuters) -Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories, and signs of strong Asian demand from both China and India added support. Brent crude oil futures were up $1.43, 1.93%, at $75.55. U.S. West Texas Intermediate futures were up $1.62, or 2.2%, at $74.56. The market is coming to grips with the historic drop in U.S. oil inventories, and dimmed prospects of Iranian oil returning to the market, said Phil Flynn, senior analyst at Price Futures Group in Chicago. Still, prices on both sides of the Atlantic ended the week little changed, despite significant daily fluctuations. Prices were weighed down early in the week by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+.
Published July 10, 2021, 10:09 AM
With combined impact from the rising value of the US dollar and surging prices in the international market, big time hikes in fuel prices, particularly gasoline products, are due next week.
Initial calculation by oil firms based on last week’s trading, gasoline prices could increase by P1.15 to P1.30 per liter, while diesel prices will go up by P0.55 to P0.65 per liter.
Kerosene,, the base for aviation fuel and also a vital commodity for households, prices are calculated to rise by as much as P0.60 to P0.70 per liter.
Oil companies are expected to implement these price increases on Tuesday (July 13), being the industry’s routine in the enforcement of cost movements in the deregulated downstream oil sector.
DNA Explainer: Saudi Arabia-UAE oil rivalry pinching pockets of Indians, read how dnaindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dnaindia.com Daily Mail and Mail on Sunday newspapers.