Oil prices up for 6th straight week

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Oil prices are up for the sixth consecutive week effective today, June 16, as global crude costs climbed due to signs of recovering demand worldwide.

According to the Department of Energy (DOE), the latest average Metro Manila price per liter of gasoline (RON95) is now at P44.82, diesel at P33.33 and kerosene at P36.13.

Shell and Seaoil adjusted the per liter prices of gasoline by P1.25, diesel by P1.10 and kerosene by P0.75. PTT raised the price of gasoline by P1.25 per liter and of diesel by P1.10 per liter.

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As of June 9, year-to-date adjustments stood at a net decrease of P7.97 per liter for gasoline, P11.09 per liter for diesel and P14.44 per liter for kerosene.

Reuters in a report said as of Friday last week, Brent settled at $38.73 a barrel while West Texas Intermediate closed at $36.26 per barrel.

It said the Organization of the Petroleum Exporting Countries and its allies’ decision to extend the reduction of supplies by 9.7 million barrels per day or about 10 percent of pre-pandemic demand until the end of July, helped the crude price recovery.

However, analysts said the hike could have been higher if not for the US’ announcement that its crude oil inventories have risen to a record 538.1 million barrels, as cheap imports from Saudi Arabia entered the country.

The number of American crude oil drilling rigs, an indicator of future supply, fell to 199 last week.

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