Oil market settled higher on reduced gasoil stocks in EU.
Tumbling refined product stocks in Europe and a drop in the 2-year US treasury yields have aided oil prices this session
International benchmarks for crude oil saw some modest increases on Thursday, 24 August 2023 after reports indicated a drop in gasoil stocks in Europe. Oil prices responded favourably after Insights Global reported a 3% drop in gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub last week.
Tumbling refined product stocks in Europe and a drop in the 2-year US treasury yields have aided oil prices this session, however, uncertainty remains until some clarity regarding the FED’s next moves on further interest rate hikes is presented.
Brent crude climbed 15 cents or 0.2% to conclude the session at $83.36/barrel.
US West Texas Intermediate clocked up 16 cents or 0.2% to $79.05/barrel.