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Oil rises on cooling U.S. inflation but heads for weekly dip
  + stars: | 2024-07-12 | by ( ) www.cnbc.com   time to read: +2 min
Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Indications of strong summer fuel demand in the U.S. also kept prices buoyed. Jet fuel demand on a four-week average basis was at its strongest since January 2020. The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles.
Persons: Brent, stoking, Jerome Powell, Jun Rong, Emril Jamil Organizations: Brent, . West Texas, Federal Reserve, Fed, IG, Jet, Gulf Locations: United States, U.S
The trade also provides a way to get Russian oil to market and bring much-needed export earnings to Moscow. "We've been looking at Russian fuel oil since December. China's total fuel oil imports surged to about 1.76 million tonnes in December, highest since September 2021, official customs data showed. Fuel oil imports from blending hubs trend higher"The deep discounts offered are driving the trend as independent refiners are price sensitive. Asia will continue to soak up cheaper Russian (fuel oil) barrels on top of crude," Jamil said.
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