Wednesday, 18 March 2020 12:42 WIB |
Oil prices continued their rise on Wednesday morning in Asia as inventories in the U.S. decreased, but prices still remained below $30.
The American Petroleum Institute (API) reported yesterday a decrease of 421,000 barrels of crude oil in U.S. inventories for the week ending March 13.
This is a sharp fall from the previous week, when the API reported an increase of 6.407 million barrels and the U.S. Energy Information Administration reported a rise of 7.7 million barrels.
U.S. Crude Oil WTI Futures rose 0.26% to $27.4 by 10:25 PM ET (02:25 AM GMT) on the back of the report. International Brent Oil Futures gained 0.80% to $28.95.
Gains were limited however as fears of a perfect storm hitting oil prices continued to mount.
The COVID-19 novel coronavirus epidemic spreads and the number of countries imposing quarantines grows. At the same time, both Saudi Arabia and Russia have boosted production as part of an ongoing price war.
Source : Investing.com