Oil prices were flat to slightly higher on Wednesday after having risen for seven days in a row on the back of output curbs and easing worries about the outlook for energy demand.
Brent crude for April settlement rose 0.2 percent to hover near a 13-month high of $61.34 a barrel, while U.S. crude futures were up 0.4 percent at $58.58.
Oil was supported after an industry report pointed to another decline in U.S. crude stockpiles.
The American Petroleum Institute reported on Tuesday that crude inventories in the United States fell by 3.5 million barrels in the week to Feb.5, adding to optimism about an expected rise in global fuel demand. Analysts were expecting a 985,000-barrel build.
The Energy Information Administration’s official inventory report is due later in the day.
In its Short-term Energy Outlook report released Tuesday, the U.S. Energy Information Administration lifted its 2021 and 2022 forecasts for West Texas Intermediate and Brent crude oil prices, citing tightened first-quarter supply outlooks.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.