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Oil prices rebound on prospect of US replenishing strategic reserve

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REPI:STORAGE,MKTREP,REP

Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the U.S., the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices.

General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. REUTERS/Mike Segar/File Photo

Brent crude futures for July gained 48 cents, or 0.6%, to $83.92 a barrel by 0400 GMT on Thursday. U.S. West Texas Intermediate crude for June climbed 46 cents, or 0.6%, to $79.46 a barrel. In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight following a

"As long as the latest bout of optimism over a ceasefire sustains, I expect a continued downside bias in crude," Hari added.

REPI:STORAGE MKTREP REP CEN CMPNY COM CRU DRV ECO ENER ENFF ENG ENR EXPRO EXPRO1 INT MCE NRG OILG OSTR PRIVT PROD GB WEU AMERS SWASIA US EUROP MEAST NAMER EMEA ASXPAC PS ASIA REPI:TRANSPORT-FUELS CDTY ECON FIN O/R ENERGY TOPNWS PLCY TOPCMB

 

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