WTI Crude Oil Rises on EIA Report, Iran Tensions
WTI crude oil prices continue to climb higher early on Thursday after soaring over 2% higher following the release of the EIA report in the previous session. At the time of writing, WTI crude oil is trading at around $56.88 per barrel.
The EIA report revealed a build in US crude stockpiles by around 1.4 million barrels during the previous week, coming in below expectations which were for a 1.5 million barrel build-up. The official government data also showed severe divergence from the API report which released a day prior and revealed a build of 6 million barrels for the same period, giving a boost to WTI crude oil prices.
In addition, crude oil has also climbed higher after comments by Russian President Vladimir Putin who indicated that Russia will continue to curb crude production in keeping with the OPEC+ agreement. Earlier this year, OPEC and its allies had agreed to cut crude production by 1.2 million bod to support weakening oil prices in the face of lower demand.
Tensions in the Middle East have also lent support to crude oil prices, making them climb higher. Following protests in Iran, a US aircraft carrier strike group Abraham Lincoln sailed through the Strait of Hormuz region.
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