Why oil is higher

From Bloomberg:

  • A jump in product demand to the highest in ayear — led by record gasoline consumption — countered lower refinery runs in this week’s EIA report. Crude imports from the7 OPEC countries tracked by the EIA fell to the lowest since March.
  • Crude exports rose w/w by 624k b/d to 1.78m
  • Total product demand measured on weekly basis up by 596 b/d
    w/w to 22.1m
  • record gasoline consumption for week

Reuters  :IRAQI OIL OFFICIAL SAYS OIL MARKET WILL FACE
BIG SUPPLY SHORTAGE POST IRAN SANCTIONS

 

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