Skylar Williams
Jul 27, 2022 10:57
After industry statistics suggested a greater-than-anticipated reduction in U.S. crude stocks, oil prices surged in early Asian trade on Wednesday.
U.S. West Texas Intermediate (WTI) oil climbed 67 cents, or 0.7%, to $95.65 per barrel at 00:09 GMT.
Brent crude oil futures rose 33 cents, or 0.3%, to $104.73 a barrel.
Tuesday after market close, the American Petroleum Institute revealed that oil stocks in the United States declined by 4 million barrels last week.
Reuters surveyed analysts who projected a decline of 1 million barrels. This decline is four times as significant. [EIA/S]
In contrast to forecasts of a rise of 3.5 million barrels, gasoline inventories declined by 1.1 million barrels, according to statistics from the American Petroleum Institute (API).
The Energy Information Administration of the United States releases its weekly oil report every Wednesday evening.
Gazprom's (MCX:GAZ) announcement that it will limit flows via the Nord Stream 1 pipeline to Germany by one-fifth to one-fifth of capacity has increased expectations for a tighter European gas market beginning on Wednesday.
After negotiating agreements to limit reductions for certain states, European Union officials agreed on a weaker emergency plan to curb consumption on Tuesday.