Oil prices surge regardless of growing U.S. inventories

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  • Economy
  • 4 months ago
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Oil prices have taken a slight edge upwards following the recent losses which saw it hit 18-month lows and resulting it in being down 20% for the year thus far.

Brent crude enjoyed a surge as it rose 2% to $53.71 per barrel.

While WTI crude climbed 2.5% to $45.73 per barrel, this despite recent worries that U.S. inventories are growing.

The API (American Petroleum Institute) released a report stating that inventories rose to 6.9 million barrels, rising above the estimate of 2.869 million barrels.

The U.S. has already overtaken Russia and Saudi Arabia as the world's largest producer.



Source: Smart Trend Team