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US oil inventory data is released contrary to expectations
US crude oil inventory data has now been released, recording a huge increase of about 1.6 million barrels, while expectations were hovering around a decrease in the range of one million barrels.
US Energy Administration information data revealed an increase in oil inventories by 1.609 million barrels, compared to expectations of a decrease of 933 thousand barrels, while the previous reading recorded an increase of 8.701 million barrels.
Oil prices turned higher during these moments of today's trading after the release of inventory data, as Brent crude rose by 0.18% to $81.6 per barrel.
While Texas crude rose by 0.4% to $76.7 per barrel.
Oil prices rose in early Asian trading, today, Wednesday, after a storm in the Black Sea region disrupted Kazakhstan and Russia’s crude exports, raising fears of a supply shortage while investors awaited a decisive decision from the OPEC+ alliance that may increase or extend production cuts.
The two benchmarks rose about two percent yesterday, Tuesday, thanks to the possibility of the OPEC+ alliance, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, extending or increasing supply cuts, as well as concerns about oil production in Kazakhstan and the weakness of the dollar.
A severe storm in the Black Sea region disrupted up to two million barrels per day of oil exports from Kazakhstan and Russia, according to government officials and shipping data.
