{"id":77983,"date":"2024-06-21T10:20:37","date_gmt":"2024-06-21T10:20:37","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/21\/oil-prices-set-for-second-week-of-gains-on-signs-of-improving-demand-times-of-india\/"},"modified":"2024-06-21T10:20:37","modified_gmt":"2024-06-21T10:20:37","slug":"oil-prices-set-for-second-week-of-gains-on-signs-of-improving-demand-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/21\/oil-prices-set-for-second-week-of-gains-on-signs-of-improving-demand-times-of-india\/","title":{"rendered":"Oil prices set for second week of gains on signs of improving demand &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1440\" height=\"907\" src=\"https:\/\/i1.wp.com\/static.toiimg.com\/photo\/msid-111165145,imgsize-48672.cms?resize=1440,907&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Oil prices set for second week of gains on signs of improving demand &#8211; Times of India\" title=\"Oil prices set for second week of gains on signs of improving demand &#8211; Times of India\" \/><\/div>\n<div>Crude oil futures<!-- --> were little changed on Friday but on course to rise for a second week amid signs of improving <!-- -->demand<!-- --> and falling oil and fuel inventories in the US, the world&#8217;s biggest oil consumer.<br \/>Brent futures<!-- --> for August settlement were down 13 cents to $85.58 a barrel by 0927 GMT, while US West Texas Intermediate crude futures for August delivery were down 10 cents to $81.19.<br \/>Prices have risen about 5% this month to their highest in more than seven weeks.<br \/>&#8220;The seasonal demand increase, as shown by the latest <!-- -->EIA data<!-- -->, renewed confrontation between Israel and Hezbollah, and the hurricane season could sustain price strength into the summer,&#8221; Citi analysts said in a note.<br \/>US government data released on Thursday showed total product supplied, a proxy for the country&#8217;s oil demand, rose by 1.9 million barrels per day (bpd) in the week ending June 14 to 21.1 million bpd.<br \/>The data from the Energy Information Administration (EIA) showed a drawdown in US crude stockpiles by 2.5 million barrels rose during the week to 457.1 million barrels, compared with analysts&#8217; expectations for a fall of 2.2 million.<br \/>Gasoline inventories fell by 2.3 million barrels to 231.2 million barrels, the EIA said, compared with forecasts for a 600,000-barrel build.<br \/>Demand prospects elsewhere also helped push prices higher.<br \/>&#8220;Signs of stronger demand in Asia also boosted sentiment. Oil refineries across the region are bringing back some idled capacity after maintenance,&#8221; analysts at ANZ Research said.<br \/>The head of Lebanon&#8217;s Hezbollah this week pledged a full-on conflict with Israel in the event of a cross-border war and also threatened EU member Cyprus for the first time.<br \/>Weighing on prices were US data released on Thursday that showed a decline in new unemployment claims, which may lead the Federal Reserve to keep interest rates unchanged. Higher interest rates typically limit economic growth and, in turn, oil demand.<\/div>\n<p><script>!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if 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JarvisUrl=\"https:\/\/jarvis.indiatimes.com\/v1\/feeds\/toi_plus\/site_settings\/643526e21443833f0c454615?db_env=published\";\n        window.getFromClient(JarvisUrl, function(config){\n          if (config) {\n            loadGtagEvents(config?.isGoogleCampaignActive);\n            loadFBEvents(config?.isFBCampaignActive);\n            loadSurvicateJs(config?.allowedSurvicateSections);\n          }\n        })\n      }\n    };\n  })(\n    window,\n    document,\n    'script',\n  );<\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/international-business\/oil-prices-set-for-second-week-of-gains-on-signs-of-improving-demand\/articleshow\/111165152.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil futures were little changed on Friday but on course to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the US, the world&#8217;s biggest oil consumer.Brent futures for August settlement were down 13 cents to $85.58 a barrel by 0927 GMT, while US West Texas 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