Oil trades higher as inventory falls sharply
The American Petroleum Institute reported crude stocks fell by 3 million barrels last week
American Petroleum Institute president and CEO weighs in on the U.S. boosting LNG to Europe on 'Kudlow.'
Oil prices were back on the rise Wednesday morning as traders monitor progress in negotiations between Russia and Ukraine and as supply remains tight – data showed U.S. crude stocks fell sharply last week.
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U.S. West Texas Intermediate (WTI) crude futures jumped $1.95, or 1.9%, to $106.18 a barrel, erasing a 1.6% drop on Tuesday.
Oil prices were higher in early Asian trade, on reports that support for a European Union-wide ban on the purchase of Russian oil is growing inside the bloc. (iStock / iStock)
Brent futures were up $1.96, or 1.8%, at $112.19.
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The American Petroleum Institute reported that crude stocks fell by 3 million barrels last week, according to Reuters.
That was triple the decline expected by analysts.
In what was seen as progress, oil dropped about 2% in the previous session after Russia promised to scale down military operations around Kyiv and another city.
Ukrainian President Volodymyr Zelenskyy said there were promising signs from talks held in Istanbul.
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Major oil producers are unlikely to boost output when the Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, meet on Thursday.