Tight supply forecast keeps oil prices in check

US crude and refined fuel stockpiles depleted last week, show API figures.
Photo: Jan Unger
Photo: Jan Unger

Oil trades higher Wednesday after sliding Tuesday evening in the wake of American Petroleum Institute data showing declining volumes in US crude oil and refined fuel inventories, thereby stoking concerns about tight supply, reports Reuters.

European reference oil Brent sells Wednesday morning CEST for USD 105.90 per barrel against USD 105.07 Tuesday afternoon. US benchmark West Texas Intermediate changes hands for USD 103.45 Wednesday morning against USD 102.80 late Tuesday evening and USD 105.37 Tuesday afternoon

“The API report had people stop worrying about the demand side and start worrying about the supply side again,” Price Futures Analyst Phil Flynn tells the news agency.

Prices are supported by news of the EU working to impose an embargo against Russia and its fossil fuels industry. EU Commission President Ursula von der Leyen is expected to present plans on Wednesday, Reuters writes.

EU plans halt to crude imports within six months 

High energy prices ensure Equinor impressive Q1 results

Oil prices rise amid fears of tight supplies 

Share article

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Further reading

Foto: Pr Obton

Obton takes on Sweden

For subscribers