Tight supply forecast keeps oil prices in check

US crude and refined fuel stockpiles depleted last week, show API figures.

BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

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.

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