Oil Prices Rallies After loading Issues For UK Crude, US Gasoline Demand
Oil prices rallied as much as 3 percent on Wednesday with Brent prices helped by news of stalled loadings for the United Kingdom’s North Sea oil while U.S. crude futures rose after strong demand for gasoline offset worries about record high crude inventories. Some traders bet Brent and U.S. crude futures would fall in coming days as OPEC remained opposed to cutting output, and as U.S. refiners entered seasonal maintenance that causes a bigger buildup in crude stockpiles. Brent, the global benchmark for crude, settled up $1.14, or 3.4 percent, at $34.41 a barrel after market sources cited loading problems for North Sea crude. U.S. crude futures settled up 28 cents, or nearly 1 percent, at $32.15 after gasoline demand rose more than 5 percent over the past four weeks compared with a year ago, government data showed.