Oil prices rise 1% but surprise U.S. stockpile build sends bearish signal limiting gains
Publishing timestamp: 2024-06-12 13:26:56
Summary
U.S. crude stockpiles and gasoline inventories rose more than expected, leading to a bearish signal. Despite tepid demand, analysts see the market tightening in the third quarter. Oil prices rose but were limited by bearish U.S. stockpile data. Department of Energy forecasts increased global demand, leading to a potential supply deficit. OPEC and Goldman Sachs have differing outlooks on demand and supply. Lower interest rates could stimulate economic growth and lift oil demand. Utility stocks are seen as a good investment for exposure to AI and as a hedge against a slowing economy.
Sentiment: MIXED
Tickers: @LCO.1, @CL.1, @NG.1, @RB.1,
Keywords: investment strategy, breaking news: markets, business news, oil and gas, markets, rbob gas (mar'23), wti crude (mar'23), ice brent crude (apr'23), natural gas (mar'23),
Source: https://www.cnbc.com/2024/06/12/crude-oil-prices-today.html