Strong U.S. Demand, Geopolitical Crisis Boost Oil Prices
As of the week ending May 10th, crude oil inventories decreased by 2.5 million barrels to 457 million barrels, significantly surpassing analysts' expectations of a decrease of 543 thousand barrels. This reduction reflects increased refining activity and rising fuel demand. Israel's military operation against Hamas in Gaza continues to escalate, with ceasefire negotiations mediated by Qatar and Egypt currently at a standstill. Such conflicts often exacerbate concerns about supply disruptions, thereby driving up oil prices.
As of the week ending May 10th, crude oil inventories decreased by 2.5 million barrels to 457 million barrels, significantly surpassing analysts' expectations of a decrease of 543 thousand barrels. This reduction reflects increased refining activity and rising fuel demand. Israel's military operation against Hamas in Gaza continues to escalate, with ceasefire negotiations mediated by Qatar and Egypt currently at a standstill. Such conflicts often exacerbate concerns about supply disruptions, thereby driving up oil prices.