Crude oil prices fell slightly after the Energy Information Administration reported a smaller than expected crude inventory draw
Oil prices rose 2% Wednesday as market participants focused on another larger-than-expected weekly crude draw caused by Hurricane Ida-related disruptions, while ignoring a surprise gasoline build. Analysts tracked by Investing.com had forecast a drop of 2.45 million barrels for the week. Distillates inventories, which include diesel and heating oil, fell by 2.55 million barrels last week against expectations for a draw of 1.11 million barrels, the EIA data showed.
Oil prices rose Tuesday, reversing some of the previous session’s sharp losses ahead of the release of the latest U.S. crude oil supply data. By 9:25 AM ET (1325 GMT), U.S. crude futures were up 0.6% at $70.53 a barrel, while Brent futures were up 0.9% at $74.57 a barrel, after both contracts fell around 2% on Monday. Royal Dutch Shell (LON:RDSa), the largest producer in the Gulf, said its West Delta 143 platform, which acts as a transfer point for oil produced by two other production platforms, will resume operations only in the first quarter of 2022.