WTI crude futures were up more than 1% past $109 today. As investors watch for a meeting of the G7, which will introduce new sanctions on Russia.
As of 10:14 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in August. Trading on the NYMEX was up $1.76, or 1.63 percent, to $109.40 a barrel.
A top U.S. government official said the G7 would develop a mechanism to limit Russian oil prices to pressure Russia from shortages of revenue it could support fighting in Ukraine.
In addition, investors will keep an eye on the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus on June 30 after a resolution to increase production by 648,000 barrels per day in July and August.
The US government’s Energy Information Administration (EIA) released a statement saying: The office is still in the process of restoring the storage system. After experiencing a technical glitch last week and unable to announce weekly oil stock numbers.
Earlier, the EIA was expected to release its weekly oil stock data ending June 17 today. After experiencing a server outage that failed to report oil stock numbers as originally scheduled on June 23
The statement states that the EIA will fix the system. and will report back on oil stock data as soon as possible
The EIA is also scheduled to release its weekly oil inventory ending June 24 on Wednesday.