Oil prices rebound as stockpiles drop
Crude stocks fell by 4.3 million barrels last week
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Rep. Carlos Gimenez and retired Maj. Gen. Mick McGuire discuss the Biden admin continuing to avoid oil production in the U.S. on ‘The Evening Edit.’
Oil prices bounced back Wednesday morning, erasing losses from the previous session after U.S. crude supplies fell last week.
Global supplies are tight as Russian output has been impacted by economic sanctions on Moscow.
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U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 1.4%, to $110.88 a barrel, after losing 36 cents in the previous session.
FILE PHOTO: Pump Jacks are seen at sunrise near Bakersfield, California. (REUTERS/Lucy Nicholson/File Photo / Reuters Photos)
Brent futures climbed $1.90, or 1.6%, to $117.38 a barrel, after falling 14 cents.
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Prices dipped earlier on Tuesday as it appeared that the European Union was unlikely to agree to a ban on Russian oil.
Data from the American Petroleum Institute industry group showed that crude stocks fell by 4.3 million barrels for the week ended March 18, according to Reuters.
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Official U.S. inventory data is due later Wednesday from the Energy Information Administration.