Market data including bonds and fuel prices
That turnip Mapisa-Nqakula has confirmed beyond any doubt that the party cannot be renewed or rehabilitated
But advocate Mpofu says justices must accept former prisons chief granted parole correctly
Provincial chair elect indicates he will support Ramaphosa’s re-election as ANC president
Business Day TV talks to independent analyst Loyiso Mpeta
Consumer finances crumble under the pressure of rising prices and interest rates, Unisa vulnerability report shows
Some in the industry believe a ban on the export of scrap will mean a more competitive steel industry, with lower prices passed on to consumers
Washington targets chief of staff Nathaniel McGill, chief prosecutor Sayma Syrenius Cephus and Bill Twehway, MD of Liberia’s National Port Authority
Veteran seamer believes he still has plenty to offer despite turning 40
Porsche Taycan Turbo S laps the famous German circuit in seven minutes and 33 seconds
London — Oil rose above $75 a barrel on Wednesday, the highest since late 2018, after an industry report on US crude inventories reinforced views of a tightening market as travel picks up in Europe and North America.
The American Petroleum Institute reported that crude stocks fell by 7.2m bbl, more than expected, two market sources said. Official inventory figures from the Energy Information Administration are due at 2.30pm GMT.
Brent crude rose 81c, or 1.1%, to $75.62 by 8.24am GMT, having touched its highest since October 2018 at $75.64. US West Texas Intermediate added 49c, or 0.7%, to $73.34 and is close to its highest since October 2018.
“The uptrend is regaining momentum,” said Stephen Brennock at oil broker PVM. “Overnight, the API set a bullish backdrop.”
Brent has gained more than 45% this year, supported by supply cuts led by Opec and as easing coronavirus restrictions boost demand. Some oil industry executives are even talking of crude returning to $100/bbl.
“Underlying demand in the physical market means that any corrections lower will remain shallow and short,” said Jeffrey Halley, analyst at brokerage OANDA.
Opec and allies, collectively known as Opec+, meet on July 1. They have been discussing a further unwinding of last year’s record output cuts from August but no decision has been made on exact volumes, two Opec+ sources said on Tuesday.
Global demand is set to rise further in the second half of the year, though Opec+ also faces the prospect of rising Iranian supply.
A retreat in the dollar has also helped to prop up oil, making crude less expensive for holders of other currencies.
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.