Oil prices jump over $2 after drawdown in U.S. stocks
Oil Price Fundamental Daily Forecast – EIA Expected to Report 3.6 Million Barrel Crude Oil Drawdown
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher on Wednesday shortly before the release of today’s government inventories report. The markets are being supported by industry data from late Tuesday that showed a larger than expected drawdown in U.S. crude inventories and on expectations of strong future demand on the back of increasing vaccination rates.
At 13:17 GMT, December WTI crude oil futures are trading $71.26, up $1.43 or +2.05% and December Brent crude oil futures are at $74.33, up $1.36 or +1.86%.
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