By : Dr. Franyi Sarmiento, Ph.D., Inspenet, March 31, 2022.
US crude oil inventories fell while gasoline and distillate inventories rose, the Energy Information Administration EIA reported on Wednesday.
Crude prices gained more than 2% on Wednesday, on tight supplies and the growing prospect of new Western sanctions against Russia, even despite signs of progress in peace talks between Moscow and kyiv.
Brent crude futures rose $3.22, or 2.9%, to $113.45 a barrel, while U.S. West Texas Intermediate (WTI) futures gained $3.58, or 3.43%, to $107.82.
According to the EIA, crude oil inventories in the United States fell, while gasoline and distillate inventories increased.
OPEC+ sources said Wednesday that the alliance of producers, which includes Russia, will likely stick to its current agreement to gradually ramp up oil output, a view echoed by OPEC Secretary-General Mohammad Barkindo. .
Oil prices are under pressure from weakening demand in China due to tightening mobility restrictions and Covid-19-related lockdowns in multiple cities, including the financial hub of Shanghai.
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