NextGen Day

As demand optimism increased, oil prices slightly up on Thursday as US crude inventories increased less than anticipated.

At 9:24 a.m. local time (06:24 GMT), the price of international benchmark Brent crude was $86.25, up 0.15 percent from the previous trading session’s closing price of $86.12 per barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at $80.46 per barrel at the same time, up 0.39 percent from the previous session’s closing price of $80.15 per barrel.

Energy Information Administration (EIA) data issued late Wednesday showed that US commercial crude oil stocks grew by 0.1 percent during the week ending January 20.

Contrary to what the market had anticipated, inventories increased by 500,000 barrels to 448.5 million barrels.

Market participants are anticipating an EU ban on Russian refined products and an OPEC+ meeting on the supply side.

On February 5, the EU will impose a ban on Russian refined products, which is anticipated to reduce production.

When the embargo begins, experts are carefully anticipating how prices may change.

Since December 5, Russian crude oil has been subject to a prohibition.

Additionally, officials from OPEC+ are anticipated to meet in February to talk about a reassessment of output levels.

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