TOKYO - Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil consuming nation.
U.S. crude oil inventories fell by 9.163 million barrels in the week ended June 28, according to market sources citing American Petroleum Institute figures on Tuesday. However, gasoline inventories rose by 2.468 million barrels, and distillates fell by 740,000 barrels.Analysts in a Reuters poll had expected a 700,000-barrel draw in crude inventories, a 1.3 million barrels drop in gasoline stocks, and a 1.2 million barrels fall in distillates stocks.
U.S. gasoline demand is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. American Automobile Association has forecast that travel during the holiday period will be 5.2% higher than in 2023, with car travel up 4.8%.
Source: News Formal (newsformal.com)
Crude Inventories American Petroleum Institute Brent Crude Oil Hurricane Beryl Crude Oil Inventories
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