Oil prices rose on Wednesday as caution over tightening supply countered the negative impact of uncertain demand and news that the United States will release more crude from its reserves. The Biden administration is planning to release another 15MM\/bbls from the SPR. “Realistically an SPR release is near-term bearish, long-term bullish because eventually you\u2019re going to have to buy it back,” said Gary Cunningham, director of market research at Tradition Energy. “Overall the market continues to swing wildly and chop around on erratic news.” Crude inventories were down last week, falling 1.7MM\/bbls compared to a forecasted build of 1.4MM\/ bbls. WTI traded up $2.73 or 3.3% to close at $85.55.Brent traded up $2.38 or 2.6% to close at $92.41.<\/p>\n\n\n\n
Oil prices rose on Wednesday as caution over tightening supply countered the negative impact of uncertain demand, and news that the United States will release more crude from its reserves. <\/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-7725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n