Oil prices nudge up after API data shows surprise drop in US stocks

Oil prices nudge up after API data shows surprise drop in US stocks

Brent crude futures rose 23 cents, or 0.3%, to $91.01 a barrel by 0122 GMT, while U.S. West Texas Intermediate crude was at $89.47 a barrel, up 11 cents, or 0.1%.







Reuters









February 09, 2022 / 07:45 AM IST





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Oil prices nudged up on Wednesday following two sessions of losses after industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.

Brent crude futures rose 23 cents, or 0.3%, to $91.01 a barrel by 0122 GMT, while U.S. West Texas Intermediate crude was at $89.47 a barrel, up 11 cents, or 0.1%.

"Undersupply is the key factor that has pumped up the oil price," said Tina Teng, an analyst at CMC Markets.

U.S. crude, gasoline and distillate stocks fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. Crude inventories fell 2 million barrels, according to API, versus analysts' expectations of a 400,000-barrel increase.

More data from the U.S. EIA will be available at 10:30 a.m. EST (1530 GMT).

Still, concerns about a possible Iran nuclear deal that could unleash more oil into global markets weighed