The U.S. Energy Information Administration (EIA) on Wednesday said U.S. crude oil stockpiles rose less than expected last week due to lower imports, notably a fall in Saudi crude supply. WTI Crude is $54.34; Brent is $62.11 this morning.
World oil futures rose by more than 2 percent on Tuesday, but the market has not seen panicked buying as a result of the U.S. decision to target Venezuela’s oil output. WTI is Crude is $53.68; Brent is $61.83this morning.
Monday, the U.S. imposed broad sanctions on Venezuela's state-owned oil firm PDVSA, to curb the OPEC member’s crude exports to the United States and apply pressure on socialist President Maduro to step down. WTI Crude is $52.45; Brent is $60.47.
The main factors supporting higher prices are the winding down of sanction waivers for Iran and continued strong demand growth from emerging markets outside of China, say analysts. WTI Crude is $52.76; Brent is $60.70.
The oil industry has tried to explain that if it stops investing in new projects, the world will face an energy shortage and higher prices because renewables and nuclear energy cannot meet rising energy demand. WTI Crude is $53.01; Brent is 60.82 this morning.
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