Oil prices climbed on Wednesday on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.
U.S. crude oil and gasoline inventories were expected to have fallen last week, while distillate stocks rose, according to market sources, citing American Petroleum Institute data on Tuesday.
Gasoline inventories eased by 3.69 million barrels, and distillates rose by 612,000 barrels.
A broadening conflict in the region could affect crude supplies from Iran and neighboring producer countries, analysts said, tightening inventories and supporting prices.
Keeping oil prices from moving even higher, the International Energy Agency (IEA), meanwhile, kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption.
Organizations:
Brent, . West Texas, American Petroleum Institute, Energy, Administration, U.S . Navy, International Energy Agency
Locations:
Stanton , Texas, U.S, Iran, Tehran, Israel