The increase in demand for fuel in the United States raised the price of oil

According to the report of Fars International Economic Group, citing Reuters, following the publication of fuel demand statistics in the United States, oil prices increased in today’s transactions.

Brent crude was up 43 cents at $76.84 per barrel, and US crude was up 38 cents at $72.94 per barrel.

Both oil indices are on the way to record the first increasing week in the last 4 weeks.

U.S. gasoline inventories fell more than expected, reflecting high demand for transportation fuels.

U.S. gasoline stocks fell by 3.2 million barrels last week, which was more than analysts’ estimate of 1.2 million barrels, according to the Energy Information Administration.

Reserves of petroleum products have also decreased. This is while the demand for jet fuel has reached the highest level since December 2019.

At the same time, investors are waiting for news on the talks on the US government’s $31.4 billion debt ceiling, which began yesterday. Republicans still insist on cutting costs; Market analyst Tamas Varga said: “As soon as they reach an agreement, investors will be encouraged to take action, and the value of stocks will probably increase and the price of oil will rise.”

Statistics published yesterday showed that one of the main inflation measures monitored by the Federal Reserve has decreased somewhat, and the central bank is likely to use it to stop further interest rate increases next month. An increase in interest rates by creating an economic record can reduce the demand for oil.

end of message/