Oil prices stabilized on Wednesday as data showing a larger-than-expected drop in US crude inventories dispelled concerns about weak demand.<\/p>\n\n\n\n
Brent crude futures recorded $104.55 a barrel, up 15 cents, or 0.1 percent. US West Texas Intermediate crude rose 27 cents, or 0.5%, to $95.25 a barrel.<\/p>\n\n\n\n
After Tuesday’s settlement, the American Petroleum Institute said US crude stocks fell by 4 million barrels last week.<\/p>\n\n\n\n
This is more than four times the decline expected by analysts in a Reuters poll.<\/p>\n\n\n\n
The Fed is expected to raise interest rates by 75 basis points, underscoring concern about the outlook for demand in the US and the potential for a stronger dollar, which will make dollar-denominated commodities more expensive for holders of other currencies.<\/p>\n\n\n\n
The administration of US President Joe Biden said on Tuesday that it would sell an additional 20 million barrels of oil from the country’s Strategic Petroleum Reserve as part of a previously announced plan to use the reserve to cool oil prices boosted by Russia’s invasion of Ukraine and recover demand from the Covid-19 pandemic.<\/p>\n\n\n\n
The US administration said in late March that it would withdraw 1 million barrels of strategic reserves per day for six months. The United States has already sold 125 million barrels of reserves, with nearly 70 million barrels delivered to buyers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices stabilized on Wednesday as data showing a larger-than-expected drop in US crude inventories dispelled concerns about weak demand. Brent crude futures recorded $104.55 a barrel, up 15 cents, or 0.1 percent. US West Texas Intermediate crude rose 27 cents, or 0.5%, to $95.25 a barrel. After Tuesday’s settlement, the American Petroleum Institute said …<\/p>\n","protected":false},"author":9,"featured_media":53016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8159,7004],"class_list":["post-69087","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil-prices","tag-opec-2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=69087"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69087\/revisions"}],"predecessor-version":[{"id":69088,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/69087\/revisions\/69088"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53016"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=69087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=69087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=69087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}