NextGen Day

Oil prices rose on Wednesday, boosted by data suggesting a drop in US crude stockpiles.

At 0615 GMT, international benchmark Brent crude was trading at $90.94 a barrel, up 0.18 percent from the previous session’s close of $90.78 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) traded at $89.51 per barrel, up 0.17 percent from the previous session’s close of $89.36 per barrel.

According to numbers issued late Tuesday by the American Petroleum Institute, crude inventories declined by 2 million barrels, vs predictions of a 400,000-barrel increase.

Concerns about a probable supply spike from Iran accessing global markets and establishing a supply surplus were mitigated by the decline in US stocks, as easing sanctions will allow Iran to pump more oil into the market.

Experts will pay close attention to the US Energy Information Administration’s weekly oil data, which will be issued later today.

Meanwhile, during a press briefing on Tuesday, White House spokeswoman Jen Psaki said that “the President will continue to use every instrument at his disposal to cut prices” to address high oil prices.

Psaki defined President Joe Biden’s stance on current oil prices as strategizing with oil-consuming and producing countries, releasing oil from the strategic petroleum reserve, and assuring consumer protection in a turbulent market.

According to Psaki, the US is in talks with both producers and consumers.

“We’re discussing projected output increases with oil-producing countries.” We’re discussing strategic reserve releases with oil-consuming countries,” she continued.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

Need to get in touch?

Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. Simple Ways To Say Thanks & Support Us:
1.) GIVE A TIP. Send a small donation thru Paypal
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---