# Oil hits new highs on US fuel demand, tighter supply

> Brent settled up $1.38 to $87.55 a barrel, its highest level in the period, while WTI also rose. Gains followed strong US fuel demand and tighter supply, with distillate inventories also noted.

- Date: 2023-08-09 · published 2023-08-09T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/34768-oil-hits-new-highs-on-us-fuel-demand-tighter-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Strong US fuel demand and tighter supplies lift crude and diesel costs, raising energy and transport expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-ease-bearish-china-data-fuels-demand-concerns-2023-08-09/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.