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  4. Oil Up as Supply Tightens and Demand Grows
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Oil Up as Supply Tightens and Demand Grows

By Gina Lee AiVIF.com – Oil was up on Monday morning in Asia as the upcoming U.S. peak driving season could see higher fuel demand. Brent oil futures gained 0.63% to $110.71 by...
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Oil Up as Supply Tightens and Demand Grows © Reuters.

By Gina Lee

AiVIF.com – Oil was up on Monday morning in Asia as the upcoming U.S. peak driving season could see higher fuel demand.

Brent oil futures gained 0.63% to $110.71 by 12:26 AM ET (4:26 AM GMT) and crude oil WTI futures jumped 0.54% to $110.88.

“Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season,” SPI Asset Management managing partner Stephen Innes told Reuters.

“Refineries are typically in ramp-up mode to feed U.S. drivers’ unquenching thirst at the pump.”

The U.S. peak driving season usually begins on Memorial Day weekend on May 30 and ends on Labor Day in September.

Despite concerns about soaring oil prices might dent demand, mobility data from TomTom and Google showed that more people are hitting the road in the U.S.

“High-frequency data suggests demand continues to grow,” ANZ analysts said in a note.

A weakening dollar also gave the black liquid a boost because that makes crude cheaper for buyers holding other currencies.

However, gains were capped by concerns over ongoing COVID-19 lockdowns in China. The world’s largest oil importer is loosening its lockdowns in Shanghai and the People's Bank of China cut its five-year loan prime rate during the previous week, signaling that the authorities are supporting a recovery.

Meanwhile, the European Union was unable to achieve an agreement on banning Russian oil for its invasion of Ukraine on Feb. 24, which also limited oil's gains.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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