Crude Oil Rebounds on Surprise Inventory

WTI crude: futures bounced back to $90 per barrel on Wednesday, after losing more than 3% in the past two sessions boosted by shrinking US crude and gasoline stockpiles.

Data from the EIA Petroleum Status Report showed US crude inventories fell by 4.756 million barrels last week, against market forecasts of a 0.369-million-barrel rise. The report also showed crude stocks at the Cushing, Oklahoma, delivery hub declined for a fifth consecutive week and the most since the week ended October 22nd 2021

while gasoline inventories unexpectedly decreased for the first time in six weeks. Oil has been underperforming this week, pausing a 7-week rally, pressured from the resumption of Iran nuclear talks, which could revive an international nuclear agreement and allow Tehran’s to pump more oil into markets.