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Oil prices experienced a slight uptick on Thursday, maintaining gains from the previous session amidst indications of supply shortages.
US West Texas Intermediate (WTI) crude futures inched up by 17 cents to $78.08 per barrel for the next month. Meanwhile, the May contract saw a modest increase of 14 cents, reaching $77.45 per barrel by 0150 GMT.
Brent crude for April delivery also saw a marginal rise, climbing by 14 cents to $83.17 per barrel, with May contracts adding 13 cents to reach $82.24 per barrel.
According to analysts at ANZ, the premium for spot prices compared to nearby futures contracts has widened in recent weeks, signaling a robust outlook for near-term demand.
The previous day, oil prices had surged by one percent, with contracts linked to near-term delivery reaching their highest premium in months.
The restart of refineries in the United States has bolstered demand, following a series of shutdowns that had earlier led to a decline in US refinery operating rates to their lowest level in two years.
Official data from the Energy Information Administration (EIA) is scheduled to be released at 1600 GMT on Thursday, delayed by a day due to a holiday in the United States.
Key Points:
- Oil prices saw a slight increase on Thursday, maintaining gains from the previous session.
- US WTI crude futures rose to $78.08 per barrel for the next month.
- Brent crude for April delivery climbed to $83.17 per barrel.
- Analysts note widening premiums for spot prices compared to nearby futures contracts, indicating strong near-term demand.
- Refinery restarts in the US support demand after previous shutdowns led to a decline in operating rates.
- Official data from the Energy Information Administration is delayed by a day due to a US holiday, expected to be released later in the day.
