Friday 21/Feb/2025 – 10:30 AM
Oil prices continued to rise today, Friday, as they are heading to record a weekly rise amid increasing expectations with a strong demand in the United States after data that showed a decrease in gasoline stocks and distillation products, and prices also received support from fears of Russian supply disorder.
Oil prices today
Brent crude futures increased 16 cents, or 0.2%, to $ 76.64 a barrel, and US West Texas Intermediate crude rose 17 cents, or 0.2% to $ 72.65 a barrel, and the ore is heading to record weekly gains by about 3%.
The US Energy Information Administration said on Thursday that crude oil stocks in the United States increased, while gasoline stocks and distillation products decreased last week after seasonal maintenance work in refineries led to a decrease in refining operations.
Tositaka Tazawa, an analyst at Fujitomi Securities, said: Decreases in gasoline stocks and distillation products in the United States, along with concerns about the deficiency of supplies in Russia, support oil prices.
He added that expectations of a possible peace agreement between Russia and Ukraine, which may reduce sanctions on Moscow, have somewhat vanished due to Ukraine’s hardline position, which prompted some investors to rebuild in the market.
