Global crude oil news

21 Dec 2022 , 12:02 PM

Brent crude prices were up $8 cents to $80.07 per barrel, while West Texas Intermediate (WTI) crude futures were up $6 cents to $76.29.

Market sources quoting American Petroleum Institute data stated that for the week ending December 16, U.S. crude oil stockpiles decreased by roughly 3.1 million barrels. According to the sources, who spoke to ET, gasoline inventories increased by almost 4.5 million barrels, while distillate stocks increased by 828,000 barrels.

The inversely correlated U.S. dollar index with oil decreased 0.69% on Tuesday.

As Chinese refiners scrambled to get more cargoes before a price restriction set by the Group of Seven nations on December 5th, crude oil imports from Russia increased by 17% in November compared to the same month last year.

Due to the rise, Russia surpassed Saudi Arabia as China’s main oil supplier.

Prince Abdulaziz bin Salman, the Saudi Arabian energy minister, stated in an interview with the Saudi state news agency that OPEC+ members do not use politics in their assessments or forecasts.

The minister continued by saying that OPEC+’s decision to reduce oil output, which received much criticism, ended up being the best move for preserving the market’s and the sector’s stability.

After Russia invaded Ukraine in March, oil prices nearly reached an all-time high of $147 per barrel, but have since lost much of those gains.