On Thursday, oil prices stopped continuing their rise after a significant increase in US crude inventories negated the impact of another attack on cargo ships off Yemen.
By 1447 GMT, Brent crude futures rose seven cents, equivalent to 0.1 percent, to $83.10 per barrel. US West Texas Intermediate crude futures rose 13 cents, or 0.2 percent, to $78.04 per barrel.
The British Maritime Trade Operations Authority and Ambrey Maritime Security said on Thursday that a ship was attacked by two missiles southeast of the Yemeni city of Aden on Thursday, causing a fire to break out on its deck.
“What the Iranian-backed Houthis are doing in and around the Red Sea towards commercial ships will continue to raise the geopolitical risk premium,” said Tamas Varga of PVM Oil.
But the rise in US crude inventories limited further price gains.
Market sources, citing data from the American Petroleum Institute, said on Wednesday that US crude inventories increased by 7.17 million barrels in the week ending February 16. Gasoline inventories also rose while distillate inventories decreased.
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 15:57:18
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