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By Aathy Somasekhar
Houston oil prices (Reuters) were established higher on Wednesday after the data showed a larger fall than expected in the raw inventories of the United States. And, as investors weigh the potential impact of the new US tariffs in India.
Brent Crude futures rose 83 cents, or 1.2%, to $ 68.05 per barrel. The future intermediate raws of western Texas earned 90 cents, or 1.4%, at $ 64.15. Both contracts fell by more than 2% on Tuesday.
American raw inventories fell by 2.4 million barrels to 418.3 million barrels last week, said energy information administration, compared to analysts’ expectations in a reuters survey for a raffle of 1.9 million barrels.
US gasoline stocks. UU. They fell by 1.2 million barrels compared to the expectations of a raffle of 2.2 million barrels. Distilled reserves, which include diesel and heating oil, fell by 1.8 million barrels versus expectations for an increase of 885,000 barrels, according to EIA data.
“The gasoline demand number is supported and shows that people are preparing to travel during the weekend of Labor Day. This is the crescendo of the summer driving season, also the last great hurra for the mix of summer gasoline,” said Phil Flynn, senior analyst at Price Futures Group.
The duplication of the president of the United States, Donald Trump, of the rates of imports from India to up to 50% was also focused. Tariffs in response to Russian oil purchases from India entered into force on Wednesday.
So far, there were no signs of supply interruption, but the uncertainty about whether the United States will go to oil flows is deterring some merchants to take new positions, said UBS analyst Giovanni Staunovo.
While the immediate impact of American tariffs on Indian exports seems limited, the effects of domain on the economy pose challenges that must be addressed, the Ministry of Finance of India said on Wednesday in its monthly economic review of July, published on Wednesday.
Russia and Ukraine have also intensified attacks against the energy infrastructure of others, worrying merchants about supply interruptions.
Russia launched a massive drone attack against the infrastructure of energy and energy transport in six Ukrainian regions during the night, Ukrainian officials said Wednesday. Ukraine hit Russian oil refineries and export infrastructure in recent days.
The special envoy of the United States, Steve Witkoff, said Tuesday that he will meet with Ukrainian representatives in New York this week and that Washington is also in conversations with Russia in an effort to end the war.
Russia has carried out an ascending review of its crude oil export plan from Western ports in 200,000 barrels per day in August from the initial schedule after attacks on their refineries last week, three people close to the matter said on Tuesday.
