Oil prices rose amid a sharp decline in inventories as gasoline inventories rose

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Oil futures rose amid the biggest drop in crude inventories since July, which was offset by an increase in gasoline inventories.

West Texas Intermediate (each = q) tested intraday highs to trade more than 1% higher around $75 per barrel. brent (BZ = F(, the international benchmark price rose slightly to hover around $80 per barrel.

Crude inventories fell by 9.23 million barrels last week, compared to analysts’ expectations of a decline of 1.4 million barrels. Meanwhile, gasoline supplies increased by about 5 million barrels to reach their highest level in three years. According to the data From the Energy Information Administration.

a Gasoline construction Oil is “a bearish factor and will keep crude in a tense trade,” Dennis Kessler, senior vice president at BOK Financial, said on Wednesday.

Data released on Wednesday morning confirm the extent of the impact of freezing temperatures on production, inventories and refining capacity. Refineries operated at 85.5% of operating capacity last week, according to Energy Information Administration data.

A cold snap crossed the United States recently Reducing oil production in North Dakota. Imports and exports were also affected after operations at the ports of Houston and Freeport, Texas, were temporarily halted due to freezing temperatures.

Oil is trading within a narrow range as traders evaluate the situation Conflict in the Middle East and supply limitations.

Libya’s oil production It returned to 1.2 million barrels per day This week after a three-week break due to protests over fuel shortages.

Russian crude exports were temporary affected Due to a recent Ukrainian drone airstrike on a major gas station in the Baltic Sea region. The damaged site has Partial resumption of exports.

Earlier this week in the United States and the United Kingdom I continued Retaliatory strikes Against Houthi-controlled areas In Yemen. Iran-backed rebels have been targeting ships making their way through the Red Sea, prompting companies to do so Comment or forward Their shipments are far from the area.

Ines Ferry is Yahoo Finance’s chief business correspondent. Follow her on X in @ines_ferre.

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