Zeynep Beyza Kilic
11 May 2023•Update: 11 May 2023
ANKARA
Oil prices rose on Thursday as data showed an increase in fuel demand in the US, the world's largest oil consumer.
International benchmark Brent crude traded at $77.11 per barrel at 09.09 a.m. local time (0609 GMT), a 0.92% decrease from the closing price of $76.41 a barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at the same time at $73.22 per barrel, up 0.91% from the previous session's close of $72.56 per barrel.
The Energy Information Administration (EIA) data released late Wednesday showed a drop of 3.2 million barrels in US motor gasoline stocks during the week ending May 5, indicating an increase in fuel demand and pushing prices high.
Furthermore, interest rate uncertainty continues to weigh on prices, and market participants remain wary of recessionary fears.
The country's strategic petroleum reserves also fell during the same week to 362 million barrels, 2.9 million barrels less than the previous week.
Meanwhile, the EIA significantly revised down the price of Brent crude by $7 per barrel in this year's forecast late Tuesday, citing weakening global economic conditions and perceived risks in the global banking sector.
In its Short-Term Energy Outlook, the EIA revised down its forecast for Brent crude this year to $78.05 per barrel and WTI to $73.62 per barrel. In the report last month, these figures were $85.01 and $79.24, respectively.
