Oil Prices Surge for Second Week Amid Rising Demand

Oil Prices Surge for Second Week Amid Rising Demand

Crude oil futures are poised for a second consecutive weekly rise, driven by signs of increasing demand and declining oil and fuel inventories in the US. Brent futures for August fell 15 cents to $85.56 a barrel after gaining 0.8% in the previous session. US West Texas Intermediate crude futures for July decreased by 14 cents to $81.15 per barrel, with the July contract expiring at $82.17 per barrel, up 0.7%.

The Energy Information Administration (EIA) reported a drawdown in US crude stockpiles by 2.5 million barrels for the week ending June 14, surpassing analysts' expectations of a 2.2 million-barrel decline. Total product supplied rose by 1.9 million barrels per day to 21.1 million bpd. Additionally, Japan's core consumer prices increased by 2.3% year-over-year, suggesting the Federal Reserve may maintain current interest rates.

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