By Nicole Jao
NEW YORK (REUTERS) – The oil prices settled higher on Thursday, which marked a three -day line of profit, after data showed gasoline and distillate samples in the US, while concerns about the disruptions of the range in Russia also supported prices.
Brent Futures settled 44 cents or 0.58%, at $ 76.48 per barrel. US West Texas Intermediate Crude Futures (WTI) For the delivery of March 32 cents or 0.44%rose to $ 72.57.
The more actively traded April WTI contract won 0.35% to $ 72.50 per barrel.
The crude oil of the US rose slightly more than expected, while the fuel supplies fell last week, because seasonal maintenance at refineries led to lower processing, the Energy Information Administration said Thursday.
“The rough build was slightly larger than expected, but there was a modest draw in gasoline and a larger trek in distillate, so that the total stocks kept flat,” said Giovanni Staunovo, an analyst at UBS.
Raw futures extended somewhat after the report.
Russia and the US have had their first encounter since the start of the Ukraine war, aimed at restoring relationships and preparing the soil to end the conflict.
However, disruptions of the oil supply kept prices increased.
Russia attacked the Ukrainian gas infrastructure and damaged gas production facilities at night, said Ukrainian Energy Galushchenko Minister.
Russia said that Caspian Pipeline Consortium Oil Flows, an important route for raw export from Kazakhstan, on Tuesday with 30% -40% were reduced after a drone attack at a pumping station in Ukraine.
Elsewhere, potential restart of oil stains from the Kurdistan region in Iraq compensated for the supply risks, analysts of ING said in a memorandum.
Turkey, which houses the port of Ceyhan that loads the Iraqi oil from the Kurdistan region, had not received a confirmation from Iraq from Thursday about the resumption, the country’s minister told Reuters.
A resumption of the Iraqi oil flows would add 300,000 barrels to the market per day, according to analysts.
The input rates announced by the government of US President Donald Trump could dent the oil prices by increasing the costs of consumer goods, said analysts, as a result of which the global economy weakened and the fuel demand reduces. Concern about the European and Chinese question also helped to keep prices under control.
“It is obvious to worry about the global economic prospects, since Donald Trump takes a front hammer who leaves the existing global ‘free trade structure’ with signals of 25% rates for the entry of cars to the US,” said Bjarne Schieldrop, Chief Commodities Analyst at SEB.
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