Oil prices rise marginally ahead of US inventories data

09/02/2022 Argaam

Oil drilling rigs

Oil prices moved higher on Wednesday ahead of data on US crude stockpiles.

 

The international benchmark Brent crude was trading up 0.21% at $90.97 per barrel, at 9.00 am Makkah time.

 

WTI crude was higher by 0.19% at $89.53 a barrel.

 

The Energy Information Administration (EIA) data on US crude inventories is expected later today.

 

US crude, gasoline and distillate stocks fell last week, Reuters reported, citing American Petroleum Institute data. Crude inventories fell 2 million barrels.

 

Jared Bernstein, member of the White House council of economic advisers, said in an interview with CNN that releasing more crude stocks is an option that can be pushed to the table when needed to help deal with gasoline prices.

 

Separately, the EIA announced that oil production in the US will reach 11.97 million barrels per day this year, which is 1.4% higher than the previous forecast issued in January.

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