Oil prices trade higher ahead of new sanctions on Russia
The EIA will release a new inventory report Wednesday morning
The King's College business and economics professor Brian Brenberg argues the U.S. could combat soaring gas prices if the Biden administration boosts oil production in America.
Oil futures were trading higher Wednesday morning, clawing back from earlier losses.
Traders are trying to measure how the threat of new sanctions on Russia will impact supply concerns.
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U.S. West Texas Intermediate futures added $1.15 to $103.08 a barrel.
Brent futures gained $1.18 at $107.82 a barrel.
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The United States and its allies prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelenskyy described as "war crimes" demanding commensurate punishment, according to Reuters.
Oil wells seen at sunrise (iStock / iStock)
Proposed EU sanctions would ban the purchase of Russian coal and prevent Russian ships from entering EU ports.
Britain also urged G7 and NATO nations to agree to a timetable to phase out oil and gas imports from Russia.
U.S. crude and distillate stocks rose last week while gasoline inventories dipped, according to market sources citing American Petroleum Institute figures on Tuesday.
Crude stocks rose by 1.1 million barrels last week, against analysts' forecast of a decline of 2.1 million barrels.
Wednesday morning, the DOE’s Energy Information Administration will release its inventory report for last week.
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Crude stockpiles are expected to fall by just over 2 million barrels. That would mark the third consecutive decline after a much larger than expected draw of 3.449 million barrels the prior week.