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.
[post_relacionado]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.