By Julia Payne
LONDON, Jun 10 (.) – Crude prices rebounded on Thursday, a day after falling on data that indicated weak demand for fuel in the U.S. holiday travel season, and as investors await new economic data from the first global economy.
* As of 1107 GMT, Brent crude futures were up 18 cents, or 0.25%, at $ 72.40 a barrel, close to a high not seen since May 2019.
* For their part, West Texas Intermediate futures in the United States improved 11 cents, or 0.16%, to $ 70.07 a barrel, a stone’s throw from their highest level since October 2018.
* “The market is recovering impressively after yesterday’s poor weekly EIA report, where the slump in gasoline demand was especially disappointing,” said Tamas Varga, analyst at PVM Oil Associates.
* “It will be interesting to see if OPEC’s monthly report to be released later confirms last month’s assessment of positive demand for the second half of the year. If it does, as expected, it should support oil prices. crude, “he added.
* Varga added that reports on inflation and requests for unemployment benefits in the United States will provide more direction on the health of the country’s economy and clues as to whether the Federal Reserve could begin to reduce its stimulus.
* Crude stocks in the United States, which include the Strategic Petroleum Reserve, fell for the eleventh consecutive week as refineries increased their production, but fuel inventories grew strongly due to weak consumer demand, the Administration said. Energy Information Board (EIA) on Wednesday.
* Prices were also pressured by the collapse in fuel demand in India, which fell in May to its lowest since August, amid a second wave of COVID-19 that is stalling mobility and slowing economic activity in the third largest oil consumer in the world.
(Reporting by Jessica Jaganathan; edited in Spanish by Carlos Serrano)