Crude oil prices moved higher on Wednesday amid hopes energy demand will see an increase in the near future.
The decision of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to stick to their plan of start raising production gradually from May, expecting demand for oil will pick up soon.
Data showing a much smaller than expected increase in U.S. crude inventories last week contributed as well to oil’s uptick.
West Texas Intermediate Crude oil futures for June ended higher by $0.92 or about 1.5% at $63.86 a barrel, the highest closing level in six weeks.
Brent crude futures were up $0.68 or 1.03% at $66.55 a barrel a little while ago.
Data released by the Energy Information Administration (EIA) showed crude inventories in the U.S. rose by 90,000 barrels last week, much less than an expected increase of 659,000 barrels.
The EIA data also showed distillate stockpiles were down 3.342 million barrels last week, while gasoline inventories rose by 92,000 barrels.
The American Petroleum Institute (API) on Tuesday reported an extensive build in crude oil inventories of 4.32 million barrels for the week ending April 23, while analysts had expected a marginal draw in crude oil inventory amid an uptick in refinery demand.
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.