WTI crude futures declined after the U.S. Energy Information Administration (EIA) reported a more-than-expected increase in crude stockpiles.
As of 11:38 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in March. which traded on NYMEX plus $ 0.28, or 0.34%, to $ 77.42 / barrel.
The EIA said U.S. crude inventories rose 2.4 million barrels last week. While analysts expected an increase of only 2.1 million barrels.
The EIA also revealed that Crude stocks at Kuching, Oklahoma, the delivery hub for U.S. crude futures, rose 1.1 million barrels.
Gasoline inventories rose 5 million barrels, while analysts had expected a 1.6 million increase.
In addition, refined oil stocks Oil, which includes heating oil and diesel, rose 2.9 million barrels last week. While analysts expected an increase of 100,000 barrels.
WTI Crude Oil Futures Rise Early Responding to a speech by Federal Reserve Chairman Jerome Powell.
Speaking at a talk hosted by the Economic Club of Washington yesterday, Powell said inflation was slowing. And this year will be the year that inflation slows down significantly. The remarks gave investors hope that the Fed would end its cycle of rate hikes.
Oil prices were also supported by concerns about tight oil conditions. after Turkey ordered the closure of the port of Jehan after the great earthquake
Jayhan Port is a mega port exporting more than 1 million barrels of crude oil per day in January. or 1% of the world’s crude oil supply. And most of it is sent to oil refineries in Europe.
In addition, oil prices gained positive factors from China’s opening up. This will support domestic oil demand.