Wed. Dec 18th, 2024

NNA – Oil prices rose for a third consecutive day on Wednesday, boosted by a larger-than-expected fall in U.S. fuel stocks, and rising tensions in the Middle East.

Brent crude futures settled 62 cents higher, or 0.79% at $79.21 a barrel as of 2:40 pm ET (1940 GMT). U.S. West Texas Intermediate crude climbed 55 cents, or 0.75% to $73.86.

U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts#39; estimates for a build of 140,000 barrels, according to the U.S. Energy Information Administration (EIA). Distillate stocks fell 3.2 million barrels, compared with estimates for a 1 million barrel draw.

Crude stocks, however, posted a larger-than-expected build of 5.5 million barrels as production recovered after a cold snap, while U.S. refiners stepped up maintenance. Analysts had estimated a smaller build of 1.9 million barrels.

quot;This is the kind of report you would expect out of the post freeze-in with refineries not in any hurry to come back,quot; Bob Yawger, director of energy futures at Mizuho Bank.

Refinery utilization shrank 0.5% to 82.4%. On the U.S. Gulf Coast, the deep freeze knocked off 15% of refining capacity, pressuring utilization rates to their lowest level since September 2021, according to EIA data.–Reutersnbsp;

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