“WTI Crude Futures Rise More Than 2% to $74 on Strong Demand”

WTI crude futures rose more than 2% to $74 today. After the United States revealed that Crude stocks fell more than expected last week. which indicates strong demand.

At 9:57 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in July. which traded on the NYMEX plus $ 1.49, or 2.04%, to $ 74.40 / barrel.

The U.S. Energy Information Administration (EIA) said U.S. crude inventories fell 12.5 million barrels last week. While analysts expected a drop of only 500,000 barrels.

Gasoline inventories fell 2.1 million barrels last week. While analysts expected a drop of 800,000 barrels.

In addition, refined oil stocks Oil, which includes heating oil and diesel, fell 600,000 barrels last week. While analysts expect it to be stable compared to the previous week.

Oil prices were also boosted by remarks by Saudi Energy Minister Prince Abdulaziz bin Salman, who said he would hurt speculators who had shorted the market. with the expectation that oil prices will continue to decline

Investors see Prince bin Salman’s comments as an indication that Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus Will cut production capacity at a meeting on June 4

“Speculators are seen in every market. I had warned them before that they would get hurt. And it really hurts in April. I wouldn’t have to turn up the cards in my hand. Because I’m not a poker player. But I’m just going to remind you that Be careful,” Prince bin Salman said.

Prince bin Salman’s warning comes just before OPEC Plus holds its production policy meeting on June 4.

However, speculators have sold short in the market. with the expectation that oil prices will continue to decline But if oil prices rise as OPEC Plus cuts production It will cause these speculators to close the market at a loss price.

Earlier, Saudi Arabia and some oil producers from OPEC Plus surprised them by announcing voluntary production cuts in April. As a result, the price of oil rebounded. after having collapsed before that Amid concerns about banking crises in the US and Europe