On Tuesday, both benchmarks fell more than 4%, to three-month lows, pressured by fears that the bankruptcy of Silicon Valley Bank (SVB) last week and other banking collapses in the United States could trigger a new financial crisis that weigh on the demand for fuel.
On Wednesday, the latest monthly report from the International Energy Agency gave support to the market, as it pointed to an upcoming increase in oil demand from China, while OPEC raised its Chinese demand forecast a day earlier. by 2023.
US oil stocks rise
Stocks of crude oil in the United States rose last week, while those of gasoline and distillates fell, the Energy Information Administration (EIA) reported on Wednesday.
Crude inventories rose by 1.6 million barrels in the week ending March 10 to 480.1 million barrels, ahead of analysts’ expectations of a 1.2 million-barrel build, according to a Reuters poll.
With information from Reuters
