WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Wednesday, rebounding after suffering a sharp setback in the previous session, with traders reacting to the inventory data and weighing conflicting statements on the possible withdrawal of some Russian troops from the Ukrainian border.
Data from Energy Information Administration showed U.S. crude stockpiles rose by 1.12 million barrels in the week ended February 12, rising after seeing declines in the previous two weeks.
Gasoline inventories dropped by 1.33 million barrels last week, falling for a second successive week, while distillate stockpiles fell 1.55 million barrels, dropping for a fifth straight week.
West Texas Intermediate Crude oil futures for March ended higher by $1.59 or about 1.7% at $93.66 a barrel.
Brent crude futures were up $0.68 or 0.73% at $93.96 a barrel a little while ago.
Natural gas futures soared 9.5%, lifted by data showing a drop in gasoline inventories.
Data showing U.S. fuel demand holding at record highs, and crude inventories at the Cushing, Oklahoma, storage hub and delivery point for U.S. futures dropping to their lowest since September 2018 also supported oil prices.
Oil prices were also supported by reports saying OPEC+ members were short of their production targets by 700,000 barrels per day in January. Major producers Russia and Saudi Arabia have also reportedly pumped below their quotas.
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