Brent crude price up with decline in U.S. gasoline stocks

Brent crude price up with decline in U.S. gasoline stocks

Brent crude oil was up on Friday with a decline in U.S. gasoline stocks, which implies that gasoline demand is picking up in the world's largest oil-consuming country.

Brent crude was trading at $35.65 per barrel at 0643 GMT for a 1.02% increase after closing Thursday at $35.29 a barrel.

WTI, however, was trading at $33.19 per barrel at the same time for a 1.54% decline, after ending the previous day at $33.71 a barrel.

U.S. gasoline inventories decreased by 0.7 million barrels, or 0.3%, to 255 million barrels for the week ending May 22, according to data released by the country's Energy Information Administration on Thursday. The market expectation was an increase of 100,000 barrels.

The decline in gasoline stocks signaled that overall gasoline demand has begun to pick up in the U.S. - the world's biggest oil consumer, Anadolu Agency reported.

Crude oil prices will be set on an upward trajectory if quarantine measures around the world against COVID-19 are eased, which, in turn, will lead to higher gasoline consumption worldwide.

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