Oil jumps to 13-week high on rising US gasoline demand, supply concerns
Oil prices jumped about 3% to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China’s oil demand will increase and on growing supply concerns in several countries.
Brent futures rose $3.59, or 3.0%, to $124.16 a barrel by 1:02 p.m. EDT (1702 GMT). U.S. West Texas Intermediate (WTI) crude rose $3.49, or 2.9%, to $122.90.
Brent and WTI were on track for their highest settlements since March 8, which were their highest since 2008.
U.S. commercial crude oil inventories rose unexpectedly last week, while crude in the Strategic Petroleum Reserve fell by a record amount as refiners’ inputs rose to their highest since January 2020, the Energy Information Administration said.
