2024-04-03T04:32:43+00:00
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/ Oil prices continued their gains today, Wednesday, as a larger-than-expected decline in US crude inventories and escalating geopolitical tensions raised investor concerns about scarcity of supplies.
Brent crude futures for June delivery rose 20 cents, or 0.22%, to $89.12 per barrel, while US West Texas Intermediate crude futures for May delivery rose 17 cents, or about 0.2%, to $85.32 per barrel, by 00:00: 15 GMT.
Brent crude and West Texas Intermediate crude had risen to their highest levels since October the previous day.
US crude oil inventories fell by 2.3 million barrels last week, more than analysts’ expectations in a Reuters poll of a decline of 1.5 million barrels. US government data is scheduled to be released later on Wednesday.
Russia, which is among the world’s three largest oil producers and one of the largest exporters of petroleum products, is confronting Ukrainian attacks on oil refineries and has also attacked Ukraine’s energy infrastructure.
An internal document seen by Reuters showed that Mexican state energy company Pemex, which has squeezed supplies, has asked its trading unit to cancel up to 436,000 barrels per day of crude exports this month as it prepares to process domestic oil at the new Dos Bocas refinery.
But five OPEC+ sources told Reuters that an OPEC+ ministerial committee was unlikely to recommend any changes to oil production policy at its meeting on Wednesday.
The US dollar also fell against a basket of currencies on Wednesday, helping support demand for dollar-denominated commodities such as oil.