West Texas Intermediate (WTI) New York crude futures ended at a three-week low on Wednesday (February 1) after the US Energy Information Administration (EIA) released a stockpile. Crude oil rose more than expected.
- The WTI crude oil contract will be delivered in March. Off $2.46, or 3.12%, at $76.41/barrel. This was the lowest closing level since January 10.
- The Brent crude oil contract (BRENT) will be introduced in April. Plunged $2.62, or 3.07%, to close at $82.84/barrel.
Crude futures fell after the EIA said US crude inventories rose by 4.1 million barrels last week. That was just 300,000 barrels short of analysts’ expectations.
The EIA also revealed that crude stocks in Kuching, Oklahoma, the distribution hub for US crude futures, rose by 2.3 million barrels.
Gasoline inventories rose by 2.3 million barrels, defying analysts’ expectations of flat gains from the previous week. and a stock of refined oil Oil prices, including heating oil and diesel, rose by 2.3 barrels, defying analysts’ expectations for a drop of 1.3 million barrels.
Markets were also under pressure from the US Federal Reserve (Fed) raising short-term interest rates by 0.25% to a range of 4.50-4.75% at its meeting yesterday. which is the highest level since October. 2007 with a signal to continue raising interest rates because inflation remains high
Yesterday, the Joint Ministerial Review Committee (JMMC) of the Petroleum Exporting Countries and Allies (OPEC Plus) decided that OPEC+ would maintain its current policy of cutting production by 2 million barrels per day until the end of 2023
The CBG committee will hold the next meeting on April 3.
By InfoQuest News Agency (02 Feb ’23)
Tags: WTI oil , crude oil , oil price
