WTI crude oil opens with a 0.95% increase, reaching $80 per barrel.

WTI crude oil saw this rise following a decline in crude inventories in the United States.

The price of West Texas Intermediate (WTI) crude oil opened this Thursday with a 0.95% increase, reaching $80.48 per barrel, following a decline in crude inventories in the United States.

WTI futures contracts for delivery in April were up $0.76 compared to the previous session’s close.

The latest data from the U.S. Energy Information Administration (EIA), released yesterday, revealed the first decline in crude inventories (excluding strategic reserves) in almost two months, data that exceeded analysts’ expectations.

On the other hand, traders fear a disruption in crude supply following the recent Ukrainian drone attacks on three refineries in the Russian regions of Ryazan, Nizhny Novgorod, and Leningrad, all located in the western part of the country.

So far this year, the price of oil has risen by 13.18%.

Additionally, the price of Brent crude oil is nearing $85 per barrel after the International Energy Agency (IEA) revised upwards its forecasts for crude demand and following projections of production cuts by some OPEC+ members.

The IEA warns in its monthly report that potential oil shortages to meet demand could be offset considering there are many more oil-laden ships than usual sailing the seas, due to issues in the Red Sea, and they could reach port.

This report adds to the reduction in U.S. oil inventories, which was revealed yesterday, along with drone attacks by Ukrainian forces against several Russian refineries.

Moreover, on the supply side, some of the key OPEC+ partners such as Saudi Arabia, Russia, the United Arab Emirates, and Iraq already announced on the 3rd that they will extend their voluntary daily barrel cuts.