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20 March 2025 | Oil

Oil prices rise following release of US inventories data

Brent
WTI Light Crude Oil
Oil prices rise following release of US inventories data

As reported by Reuters, oil prices edged up in early trading on Thursday on a drop in US fuel inventories and an escalation of tensions in the Middle East.

Brent and WTI prices settled up 0,57% and 0,51%, respectively, due to a higher-than-expected drawdown in US distillate inventories. They fell by 2.8 million barrels, according to the US Energy Information Administration. Experts surveyed by the agency had forecasted a 300,000-barrel drop.

Meanwhile, US oil inventories surged by 1.7 million barrels, exceeding the 512,000-barrel increase expected by respondents, Reuters notes.

According to the Wall Street Journal, Chevron asked the administration of US President Donald Trump for a 60-day extension of the license to pump oil in Venezuela.

Elena Dorokhina MarketCheese

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