Oil prices rose slightly in early trading, Thursday, and maintained the gains recorded in the previous session, which came amid signs of supply shortages.
Price action
US West Texas Intermediate crude futures rose 17 cents to $78.08 per barrel for the next month. By 0150 GMT, the price for the May contract rose 14 cents to $77.45 a barrel.
Brent crude for April delivery increased 14 cents to $83.17 a barrel, while May contracts added 13 cents to rise to $82.24 a barrel.
“The premium for spot prices compared to nearby futures contracts has widened over recent weeks, indicating a strong outlook for near-term demand,” ANZ analysts wrote in a note.
Oil prices rose by 1 percent on Wednesday, and oil contracts linked to near-term delivery recorded their highest premium in months.
The restart of refineries in the United States supports demand, after a series of shutdowns earlier reduced US refinery operating rates to the lowest level in two years.
Official data from the Energy Information Administration is scheduled to be issued at 1600 GMT, Thursday, a day late due to a holiday in the United States.
2024-02-22 03:54:15
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