Mar 29, 2024 3:08 a.m.

Oil climbs as US gasoline supplies shrink and a possible OPEC+ cut in June

International benchmarks for crude oil continued to inch higher on Tuesday, 23 May 2023, with a tighter gasoline market and the notion of further OPEC+ production cuts raising worries.

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International benchmarks for crude oil continued to inch higher on Tuesday, 23 May 2023, with a tighter gasoline market and the notion of further OPEC+ production cuts raising worries. 

Brent crude notched 85 cents or 1.1%, to nestle at $76.84/barrel while US West Texas Intermediate went up 86 cents or 1.2% to end at $72.91/barrel.

The American Petroleum Institute (API) estimated that US gasoline and crude inventories fell sharply last week, signalling increased demand for the summer holidays. Concerns gained after Saudi Arabia’s energy minister said he would keep short sellers wary which may hint at OPEC+ considering another output cut implemented in a meeting on June 4.