Crude oil prices continue to rise for the third consecutive session in the middle of the European session today, Tuesday, February 11, after concerns about Russian and Iranian oil supplies increased, with crude oil recording gains exceeding 2.5% since the beginning of the week, amid anticipation in the markets for the initial inventory figures from the American Petroleum Institute this evening, as Brent crude oil rises by about 1.41%, trading at $76.94 per barrel, while US crude (Nymex) is trading at $73.29 per barrel, up by about 1.43%.
A report issued by Bloomberg showed that Russian crude oil production fell to 8.962 million barrels per day in January, about 16 thousand barrels per day less than the Russian target in the OPEC+ alliance, which may reflect the impact of US sanctions and disruption of shipping to China and India, and thus increased fears of disruptions to the market balance, which supported crude prices.
Markets are awaiting the American Petroleum Institute’s report on US inventories later today, before the official report issued by the US Energy Information Administration tomorrow, Wednesday, as expectations indicate an increase in crude oil and gasoline inventories and a decrease in distillate inventories.
21/02/2025
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