WASHINGTON (dpa-AFX) - Crude oil prices rallied on Wednesday taking cognizance of the escalation in geopolitical tensions between Ukraine and Russia and the likelihood of disruption in supply of oil from Russia. The higher-than-expected build in crude oil inventories in the U.S. however limited gains.
Crude oil prices had recorded minor gains on Tuesday and a massive spike on Monday in the aftermath of a production outage in Norway's Johan Sverdrup oilfield.
Data released by the American Petroleum Institute on Tuesday showed crude oil inventories in the U.S. jumping by 4.753 million barrels in the week ended November 15 after falling by 0.77 million barrels in the previous week. Markets had expected a rise of 0.8 million barrels only.
Brent Oil Futures for January settlement is currently trading at $73.78, having gained 0.64 percent from the previous close of $73.31.
The day's trading ranged between $73.93 and $72.61 whereas the 52-week trading range was between $68.29 and $91.18.
Brent oil has gained 2.3 percent in the past week. On a year-to-date basis, the loss is 3.9 percent.
West Texas Intermediate (WTI) Crude Oil Futures for January settlement also rallied 0.82 percent from the previous close of $69.24 to trade at $69.81.
Prices ranged between a high of $69.92 and a low of $69.16 in the day's trading. Trading ranged between $65.27 and $87.67 over the past 52 weeks.
WTI has gained 2.5 percent in the past week. On a year-to-date basis, the loss is 2.4 percent.
Both Brent and WTI crude have declined close to 11 percent over the past one year.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
