Oil Prices Gain On Tailwinds From Supply Side
Muhammad Irfan Published June 22, 2023 | 04:20 PM
NEW YORK, (UrduPoint / Pakistan Point News - 22nd Jun, 2023 ) --:Crude oil futures prices posted solid growth on Wednesday thanks to tailwinds from the supply side.
The West Texas Intermediate (WTI) for August delivery rose 1.34 U.S. dollars, or 1.88 percent, to settle at 72.
53 Dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery added 1.22 dollars, or 1.61 percent, to settle at 77.12 dollars a barrel on the London ICE Futures Exchange.
The prospects of tight supply of corn and ethanol in the United States mean oil demand would get a boost as corn is used to produce ethanol, which is mixed with fossil fuels.
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