|
U.S. crude stocks fell by 2.793 million barrels, gasoline
declined by 513,000 barrels and distillates inventories rose by
191,000 barrels, according to market sources citing the latest
week's American Petroleum Institute figures on Tuesday.
Brent crude futures were up $1.41, or 2.04%, to $70.60 a barrel
at 1048 GMT, while U.S. crude futures gained $1.79, or 2.7%, to
$67.54.
"The API provided some comfort as it showed a sizable decline in
crude oil stocks, a forecast-beating draw in gasoline and a tiny
build in distillate inventories," said Tamas Varga of oil broker
PVM.
Both oil benchmarks tanked on Tuesday, with Brent falling below
$70 to its lowest since December 2021 and U.S. crude dropping to
its lowest since May 2023, after OPEC revised down its 2024 oil
demand growth forecast for a second time.
Concern about Hurricane Francine disrupting output in the United
States, the world's biggest producer, also lent support, other
analysts said.
"The market rebounded autonomously as Tuesday's drop was
substantial," said Yuki Takashima, economist at Nomura
Securities, adding supply disruption fears from Francine also
lent support.
About 24% of crude production and 26% of natural gas output in
the U.S. Gulf of Mexico were offline due to the storm, the U.S.
Bureau of Safety and Environmental Enforcement (BSEE) said on
Tuesday.
Following Tuesday's report from the API, an industry group,
official inventory figures from the U.S. government are due out
at 1430 GMT.
Eleven analysts polled by Reuters estimated on average that
crude inventories rose by about 1 million barrels and gasoline
stocks fell by 0.1 million barrels.
(Additional reporting by Yuka Obayashi; editing by Jason Neely
and Louise Heavens)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
