Oil: Inventory draws and risk premiums support prices – ING
ING strategists Ewa Manthey and Warren Patterson note that Oil prices have risen for a fourth straight session, supported by US-Iran tensions and concerns over shipping through the Strait of Hormuz.
Oil prices climbed for a fourth straight day on Wednesday, driven by tensions between the United States and Iran and worries about shipping through the Strait of Hormuz. In addition, US crude inventories fell more than expected while diesel crack spreads reached a record high. Global refining constraints and supply disruptions have further tightened the market, supporting the upward trend in oil prices.
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