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HomeBusinessWTI surges over 2% as oil demand rises

WTI surges over 2% as oil demand rises

  • WTI is headed for a weekly loss despite rising more than 2% on Friday.
  • Shortage in US crude oil production is offset by demand for gasoline; thus, WTI prices rise.

after US firms linked to energy sector beat earnings estimates , the benchmark U.S. crude oil index rose more than 2%. In addition, government reports showed higher demand for fuel, while crude oil production fell. At the time of writing, WTI was trading at $76.61. WTI is set to end the week in a loss of 1.67%, despite rising daily fall. The latest news reports from Reuters that the FDIC, Treasury Secretary and Federal Reserve have failed to reach a deal with the First Republic Bank held a meeting to improve its financial situation. The U.S. Energy Information Administration (EIA) reported that U.S. crude oil production fell in February, with production falling to 12.5 million barrels per day (bpd ), the lowest level since December last year. Still, fuel demand jumped to nearly 20 million bpd, the highest since November. Meanwhile, Baker Hughes reported on April 28 that the U.S. oil rig count remained flat on the day U.S. companies reported earnings. The 591st seat is unchanged. WTI Technical Level

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