Oil prices close mixed, with the market tugging between a lack of Russian supply and demand concerns

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Wednesday, April 20, 2022 - 23:43
Point Trader Group
Oil prices close mixed, with the market tugging between a lack of Russian supply and demand concerns

Oil prices closed mixed on Wednesday, as the market tangled between concerns about economic growth and stagnant demand for crude, and a shortage of supplies from Russia.

The international benchmark Brent crude contracts ended the trading session 0.4% higher, to record at the settlement of 106.80 dollars per barrel.

Texas Intermediate crude contracts closed 0.2% higher, to settle at $102.75 a barrel.

Oil prices were supported by expectations of supply shortages after sanctions against Russia, the world's second-largest crude exporter and a major supplier to Europe, over its invasion of Ukraine, which Moscow describes as a "special military operation".

The US Energy Information Administration said on Wednesday that inventories of oil, gasoline and distillates in the United States fell last week.

The government agency added that crude stocks fell by eight million barrels in the week ending April 15 to 413.7 million barrels, compared to expectations of analysts polled by Reuters, who were referring to an increase of 2.5 million barrels.


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