Oil Prices Rise On Tight Supply – 30 March, 2022

Wednesday’s oil prices helped erase losses from the previous session on hopes of peace talk progress between Russia and Ukraine and served as a reminder of tight supply as U.S. crude stocks fell sharply last week. Brent crude futures were up 1.2% or $1.35 reaching a high of $112.78 just after opening, reversing a 2% loss the previous session. U.S. West Texas Intermediate crude futures were 1.2% or $1.29 higher to $105.53 per barrel, erasing Tuesdays 1.6% drop. The American Petroleum Institute industry group reported crude stocks fell by 3 million barrels in the week ended March 25, three times more than analysis had expected.