Oil Prices Increased Against the Backdrop of EIA Report

Forex News

Oil prices rose slightly today after declining by almost 3% the day before, which was caused by a strong increase in gasoline stocks in the US last week. Today, oil prices are supported against a background of a week-long decline in oil reserves in the US, but more significant growth is hampered by increased production by American producers.

The Energy Information Administration (EIA) reported that the US oil inventories fell by 5.6 million barrels last week to 448.1 million barrels. Analysts had expected a decline in inventories of 3.4 million.

Brent crude oil rose in price by 0.49% to $61.52 per barrel. WTI crude oil is trading at $56.12 per barrel, which is 0.29% higher than the previous close.