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Oil prices rose for a second day, boosted by hopes of increased demand in the US, the world's largest oil consumer. This optimism comes as refineries work to resume operations after recent outages and as the dollar weakened.
Brent crude futures increased by 0.4% to $83.37 a barrel, while US West Texas Intermediate crude futures rose by 0.5% to $78.28 a barrel. Market strategist Yeap Jun Rong noted that oil prices have been strong, aiming to reach their year-to-date high after a rally in February, supported by geopolitical tensions. However, gains could be limited due to higher-than-expected US crude stockpiles reported by the American Petroleum Institute (API).
According to API figures, crude stocks rose by 7.17 Mn barrels in the week ended recently. Gasoline inventories also increased, while distillate fuel stocks decreased. US crude inventories have risen due to refinery outages, leading to the lowest utilisation rates in two years. However, refineries are gradually restarting production. BP's refinery in Indiana, the largest in the US Midwest, is set to return to full production in March after a February power outage. Similarly, TotalEnergies' refinery in Port Arthur, Texas, is working towards a full restart following a weather-related power outage.
Analysts expect US refinery run rates to have increased to 81.5% last week from 80.6% in the previous week. The official inventory data from the US Energy Information Administration (EIA) is anticipated later on Thursday, delayed by a US holiday.
The weaker US dollar has also contributed to the rise in oil prices, as it makes oil cheaper for traders holding other currencies. Investors will continue to monitor developments in US refineries and the official EIA inventory data to gauge the future direction of oil prices.
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