World oil prices are rising

Posted 09 February, 2022

World oil prices are rising on Wednesday morning on data from the American Petroleum Institute (API) on a decrease in US stocks, according to trading data.

As of 7:35 (GMT +3) time, the price of April futures for Brent crude grew by 0.44% to $91.18 per barrel, March futures for WTI rose by 0.41% to $89.74.

U.S. commercial oil inventories fell 2.025 million barrels in the week to Feb. 4, according to API data, while an increase of 0.675 million barrels was expected. Later on Wednesday, official statistics from the US Department of Energy will be published.

Investors also continue to assess the prospects for negotiations to restore the Joint Comprehensive Plan of Action on the Iranian Nuclear Program (JCPOA). "We remain doubtful that an agreement will be reached in the near future, as there are no direct negotiations between the parties, and key areas of disagreement remain," Goldman Sachs analysts commented to the Wall Street Journal.

In addition, on Thursday and Friday, traders expect the publication of monthly reports from OPEC and the IEA.

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