Crude Oil Bounces Back To Five-Week High | Commodities
(RTTNews) – Following the sharp pullback seen within the earlier session, the price of crude oil has moved back to the upside during trading on Wednesday.
Crude for May supply has climbed $0.51 or 0.7 % to $71.71 a barrel after falling $0.28 or 0.4 % to $71.20 a barrel in Tuesday’s session. With the rebound, the price of crude oil has reached a new five-week high.
The increase by the price of crude oil got here regardless of the release of a Energy Information Administration report unexpectedly displaying a sharp increase by U.S. crude oil inventories within the week ended March twenty eighth.
The EIA stated crude oil inventories surged by 6.2 million barrels final week after slumping by 3.3 million barrels within the earlier week. Economists had anticipated crude oil inventories to lower by 2.0 million barrels.
Nonetheless, at 439.8 million barrels, U.S. crude oil inventories stay about 4 % under the five-year average for this time of 12 months, the report stated.
Meanwhile, the EIA stated gasoline inventories decreased by 1.6 million barrels final week however stay 2 % above the five-year average for this time of 12 months.
Traders additionally shrugged off issues President Donald Trump’s reciprocal tariffs on U.S. trade companions might result in decreased fuel demand.
Trump is scheduled to announce the new tariffs in a Rose Garden occasion later this afternoon, with White House press secretary Karoline Leavitt indicating the new levies might be “effective immediately.”
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.
Stay up to date with the latest news within the commodities markets! Our web site is your go-to source for cutting-edge commodity news, market trends, insights, and updates on key sources. We present day by day updates to make sure you have entry to the freshest data on commodity actions, industry efficiency, provide and demand shifts, and main market bulletins.
Explore how these trends are shaping the longer term of international commodities! Visit us usually for probably the most participating and informative content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, commodity evaluation, and pivotal moments within the world of sources.
