A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023.
Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine.
Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw.
Adding to supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage.
However, a slowdown in Chinese and global demand, coupled with rising output outside the group, have potentially thwarted this plan.
Persons:
Norway's Equinor, Johan Sverdrup
Organizations:
del, del Peru SA Talara, Brent, . West Texas, Storm, ATACMS, Energy Information Administration, Organization of, Petroleum
Locations:
del Peru, Piura, Peru, Russia, Ukraine, Moscow, Kyiv, OPEC