Strong U.S. economic data and rising demand push crude oil up more than 2%

Crude oil futures rose Thursday (Aug. 18) in response to positive U.S. economic data, as well as the crude oil inventories number, which fell more than expected last week. This could indicate that U.S. oil demand remains strong.

  • WTI crude futures rose $2.39, or 2.7%, at $90.50 a barrel.
  • BRENT crude futures were up $2.94, or 3.1%, at $96.59 a barrel.

WTI crude oil futures rose again above the $ 90 mark after the release of good economic data from the United States. The U.S. Federal Reserve (Fed), Philadelphia branch, announced that the Mid-Atlantic manufacturing index rose to +6.2 in August, up from -12.3 in July.

The index is above the 0 level, indicating that manufacturing is expanding in the Mid-Atlantic region.

According to the Labor Department, initial jobless claims fell by 2,000 to 250,000 last week.

The EIA reported that U.S. crude oil inventories fell by 7.1 million barrels and gasoline inventories fell by 4.6 million barrels last week.

In addition, oil prices have also been driven by the view that the European Union’s (EU) ban on Russian oil imports will lead to tight supply in the global oil market. This will be a factor supporting oil prices in the coming months.

The Spot Market is Open

Friday, August 19, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.10

90.14

-0.36

-0.40%

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