WTI crude futures rose more than 2% to $74 today. After the US revealed that Crude stocks fell more than expected last week. which shows great demand.
At 9:57 pm Thai time, the West Texas Crude Oil Contract (WTI) is due for delivery in July. which traded on the NYMEX plus $ 1.49, or 2.04%, to $ 74.40 / barrel.
The US Energy Information Administration (EIA) said US crude inventories fell by 12.5 million barrels last week. Although analysts were expecting a drop of just 500,000 barrels.
Gasoline inventories fell by 2.1 million barrels last week. While analysts expect a drop of 800,000 barrels.
In addition, refining oil stocks Oil, which includes heating oil and diesel, fell 600,000 barrels last week. Although analysts expect it to be stable compared to the previous week.
Oil prices were also boosted by comments from Saudi Energy Minister Prince Abdulaziz bin Salman, who said it would hurt speculators who had shorted the market. with the expectation that oil prices will continue to fall
Investors see Prince bin Salman’s comments as a sign that the Organization of the Petroleum Exporting Countries (OPEC) and its Allies or OPEC Plus will cut production capacity at a meeting on June 4
“Speculators are seen in every market. I had warned them before that they would be hurt. And it really hurts in April. I wouldn’t have to turn up the cards in my hand. Because I’m not a poker player. But I’m going to remind you that Be careful,” said Prince bin Salman.
Prince bin Salman’s warning comes just before OPEC Plus holds its production policy meeting on June 4.
However, speculators have sold short the market. with the expectation that oil prices will continue to fall But if oil prices rise as OPEC Plus cuts production This will cause speculators to close the market at a loss price.
Earlier, Saudi Arabia and some OPEC Plus oil producers surprised them by announcing voluntary production cuts in April. As a result, the price of oil rebounded. after collapsing before that Amid concerns about banking crises in the United States and Europe
