Oil ticks larger on robust demand, tight provide

Oil ticks larger on robust demand, tight provide

HOUSTON, June 21 (Reuters) – Oil costs edged up on Tuesday on excessive summer time gasoline demand whereas provides remained tight due to sanctions on Russian oil after its invasion of Ukraine.

Brent crude futures settled 52 cents, or 0.5%, larger at $114.65 a barrel. The U.S. West Texas Intermediate (WTI) crude contract for July expired on Tuesday, closing at $110.65, with a acquire of $1.09, or 1%. The extra energetic August contract was up $1.53 at $109.52.

Both benchmarks posted a weekly loss final week. For WTI it was the primary weekly loss in eight weeks, for Brent the primary in 5.

“You have some folks leaping in right here to purchase the underside or what they hope is the underside of the market,” stated Robert Yawger, director of vitality futures at Mizuho in New York.

The 50-day easy transferring common of U.S. entrance month futures touched its highest since 2008, and Brent’s touched its highest since 2013.

Prices drew assist when Exxon Mobil Corp (XOM.N) Chief Executive Darren Woods predicted three to 5 years of pretty tight oil markets. learn extra

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