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Oil prices rise as US braces for Hurricane Beryl
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Oil prices rise as US braces for Hurricane Beryl

Published :  
1 week ago|
Last Updated :  
1 week ago|

Oil prices have risen for the fourth consecutive week, pushed by a decrease in US inventories and Hurricane "Beryl."

West Texas Intermediate (WTI) crude settled near USD 83 a barrel on Friday, marking a weekly gain of 2 percent. Brent crude stood at USD 86.54 a barrel. 

This marks the longest series of weekly gains since August 2023. The tropical storm "Beryl" is expected to regain hurricane status, heading towards northern Mexico or southern Texas early Monday, potentially threatening some oil production.

This storm has led traders to assess the risks of a "highly charged" hurricane season, with "Beryl" considered the first-ever Category 5 hurricane to hit the Atlantic Ocean.

A report released on Wednesday showed the largest decline in US inventories in nearly a year, indicating tightened supplies.

Gasoline consumption on a four-week basis increased for the first time in a year, according to the Energy Information Administration (EIA).

Read more: Gold prices skyrocket in Jordan Saturday, July 7

Crude oil prices have risen by almost 14 percent since early June, partly due to positive demand outlooks for the summer in the northern hemisphere.

The rise in price spreads between two consecutive contracts suggests healthy near-term consumption.

Hedge funds have confirmed bullish expectations, holding the largest net long positions on Brent crude in seven weeks, according to Intercontinental Exchange (ICE) data.