Oil Prices Rise After Decline in US Crude Inventories

Lebanon Today

This Wednesday morning, oil prices witnessed a notable increase, after three consecutive days of decline.

This increase is attributed, according to market sources, to a significant decrease in US crude oil inventories.

In contrast, investors’ growing concerns about sanctions imposed on Russia, in addition to the possibility of increased production by “OPEC +,” have limited the size of the gains achieved.

Brent crude futures rose by 20 cents, or 0.31%, to $64.60 a barrel at 02:03 GMT.

West Texas Intermediate (WTI) crude futures also increased by 18 cents, or 0.3%, to reach $60.33.

Market sources, quoting figures from the “American Petroleum Institute” yesterday, Tuesday, stated that US inventories of crude oil, gasoline, and distillates decreased during the past week, according to “Reuters.”