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Oil prices rise on outlook for higher gasoline demand, tighter supply
Oil prices rise on outlook for higher gasoline demand, tighter supply
Oil prices increased due to the anticipation of seasonal gasoline demand and production cuts by OPEC+ producers. Brent crude futures rose 0.3% to $76.19 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $72.26 a barrel, up 0.3%. The U.S. Department of Energy's decision last week to purchase 3 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR) in August also supported the market. However, concerns over the U.S. debt ceiling talks and a potential increase in U.S. interest rates limited gains, making investors focus on negotiations to raise the debt limit of the U.S.
Oil prices increased due to the anticipation of seasonal gasoline demand and production cuts by OPEC+ producers. Brent crude futures rose 0.3% to $76.19 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $72.26 a barrel, up 0.3%. The U.S. Department of Energy's decision last week to purchase 3 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR) in August also supported the market. However, concerns over the U.S. debt ceiling talks and a potential increase in U.S. interest rates limited gains, making investors focus on negotiations to raise the debt limit of the U.S.