Oil prices edged up today from 7-month lows despite a larger-than-expected build in crude inventories as Russia is threatening to halt oil and gas exports to some buyers. Stockpiles surged by almost 9MM\/ bbls , against a forecasted draw of 250K\/bbls. This is due to increased imports and releases from the SPR. The US is actually considering releasing more crude from the SPR despite its negligible effects on the market overall. “Most of that oil in that build came from the Strategic Petroleum Reserve. The quicker we empty out the SPR, the bigger the draws are going to be in the future,” said Phil Flynn, an analyst at PriceFutures Group. Russia is threatening to halt exports to certain European buyers if the EU follows through with a price cap on Russian oil. WTI traded up $1.60 or 2% to close at $83.54. Brent traded up $1.15 or 1.3% to close at $89.15.<\/p>\n\n\n\n
Oil prices edged up today from 7 month lows despite a larger than expected build in crude inventories as Russia is threatening to halt oil and gas exports to some buyers<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n