Brent: Crude oil Price were trading above the $90 per barrel mark on Wednesday, recovering from two-week lows, supported by an unexpected fall in US crude inventories and prospects of tight global supplies.
The latest EIA data showed that crude oil inventories fell by 1.725 million barrels last week, while gasoline stocks went down by 0.114 million barrels.
The Supporting crude price further was a pending European Union ban on Russian crude and OPEC+’s decision to cut production by 2 million barrels per day.
Putting a floor under prices were persistent fears about a potential global recession-driven demand downturn and the US planned release of emergency oil reserves.
The Biden administration is reportedly planning to release 15 million barrels of oil from its emergency reserves to bring down high gasoline prices and may consider significantly more this winter.
