Brent Crude Oil price wti

Oil Prices Gain to $95.65 on Declined U.S Crude Stockpiles

Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.

U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.7%, to $95.65 a barrel by 0009 GMT.

Brent crude futures rose 33 cents, or 0.3%, to $104.73 a barrel. After settlement on Tuesday, industry group the American Petroleum Institute said crude stocks in the United States fell by 4 million barrels last week.

TradingView Chart
WTI Crude Futures, technical performance chart. (tradingview)

That is four times the 1 million barrel decline expected by analysts in a Reuters poll.

US Crude Oil Stockpiles Decline.

Gasoline inventories fell by 1.1 million barrels compared with expectations of a build of 3.5 million barrels, the API data showed.

The U.S. government’s Energy Information Administration releases its weekly oil report later on Wednesday.

Prices were also lifted by expectations of a tighter gas squeeze in Europe from Wednesday after Russia’s Gazprom said it would cut flows through the Nord Stream 1 pipeline to Germany to a fifth of capacity.

European Union countries on Tuesday approved a weakened emergency plan to curb demand, after striking compromise deals to limit reductions for some countries.

Also Read: Oil Prices Fall at $102.72 as Investors Anticipate Fed Rates Hike. 

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