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Oil prices remain stable driven by falling US crude inventories
(MENAFN) Oil prices were little changed on Wednesday after falling the previous day, buoyed by falling U.S. crude inventories and expectations of supply disruptions due to sanctions on Russian tankers amid speculation of lower global fuel demand.
Also by 0205 GMT, two-year brent crude futures were up at USD79.94 a barrel after falling 1.4 percent in the last session and U.S. West Texas Intermediate crude futures were up 12 cents, or 0.15 percent, at USD77.62 a barrel after falling 1.6 percent.
Oil prices also fell on Tuesday, January 14, after the U.S. energy Information Administration predicted that oil would come under pressure over the next two years as supply outstripped demand.
But the market was supported today after data from the American Petroleum Institute pointed to a decline in crude oil inventories in the United States, the world's largest oil consumer, and on forecasts of supply disruptions after the U.S. Treasury imposed sanctions on Russian oil producers and the shadow tanker fleet.
ING experts also said that "oil prices found support in early trading in Asia today after figures from the American Petroleum Institute showed that US crude oil inventories fell more than expected over the past week."
While crude oil inventories at the country's main delivery hub in Cushing, Oklahoma, rose by 600,000 barrels, inventories remain generally low, analysts said.
Also by 0205 GMT, two-year brent crude futures were up at USD79.94 a barrel after falling 1.4 percent in the last session and U.S. West Texas Intermediate crude futures were up 12 cents, or 0.15 percent, at USD77.62 a barrel after falling 1.6 percent.
Oil prices also fell on Tuesday, January 14, after the U.S. energy Information Administration predicted that oil would come under pressure over the next two years as supply outstripped demand.
But the market was supported today after data from the American Petroleum Institute pointed to a decline in crude oil inventories in the United States, the world's largest oil consumer, and on forecasts of supply disruptions after the U.S. Treasury imposed sanctions on Russian oil producers and the shadow tanker fleet.
ING experts also said that "oil prices found support in early trading in Asia today after figures from the American Petroleum Institute showed that US crude oil inventories fell more than expected over the past week."
While crude oil inventories at the country's main delivery hub in Cushing, Oklahoma, rose by 600,000 barrels, inventories remain generally low, analysts said.
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