Energy Preview: WTI Crude Sees Advance Above $103 Per Barrel

4 May 2022 , 09:38 AM

Oil prices see advance to above $103 per barrel, amid news that European Union is working on fresh sanctions against Russia and as China demand slowdown fears slowly ease. WTI crude oil futures fell to $100 levels at the start of the week. The American Petroleum Institute (API) reported a larger-than-anticipated draw this week for crude oil of 3.479 million barrels. US crude inventories have shed some 73.5 million barrels since the start of 2021 and about 17.5 million barrels since the start of 2020. In the week prior, the API reported a surprise draw in crude oil inventories of 4.784 million barrels. Meanwhile, the number of total active drilling rigs in the United States rose by 3, after an increase of 2 rigs in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 698 this week?258 rigs higher than the rig count this time in 2021 and the highest count since April 2020.

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