Quick overview

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Crude Oil prices slightly increased after an industry report revealed that US crude inventories fell last week, which fueled a sense of tightening supplies in the market

West Texas Intermediate crude futures gained 26 cents at $63.7a a barrel, while Brent futures increased to $67.89 a barrel. Kurdish oil exports have not resumed, and Chevron has reduced oil exports from Venezuela amid U.S. Permit problems, which exacerbated the market’s short-term optimism.

A deal to resume exports from Iraq’s Kurdistan stalled as two major producers requested guarantees for debt repayment, halting pipeline shipments of 230,000 barrels of oil per day from the region to Turkey. Both global benchmarks rose more than $1 per barrel on Tuesday.

President Donald Trump, meanwhile, stated on Tuesday that he thought Ukraine could retake all of the land that Russia had taken. That would represent a dramatic and abrupt change in rhetoric in favor of Ukraine, following earlier in the month the administration’s call for EU nations to phase out Russian gas and oil more quickly.

According to market sources that cited the API data, US crude and gasoline stocks decreased last week, while distillate stocks increased. These figures are based on data from the American Petroleum Institute. The U.S government will release its energy data, which is anticipated to indicate a rise in crude oil and gasoline inventories as well as a probable drop in distillates.

However, a Reuters survey of eight analysts conducted before the release of the inventory data predicts that while distillate inventories probably decreased, crude oil and gasoline stockpiles increased in the week ending September 19.