Oil price higher in the run-up to new sanctions against Russia
Bestinau got that-
Brian Brenberg, a professor of business and economics at King’s College, says the US can fight rising gas prices if the Biden administration ramps up oil production in America.
Oil futures traded higher Wednesday morning, recovering from previous losses.
Traders are trying to gauge how the threat of new sanctions against Russia will affect supply problems.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
US West Texas Intermediate futures added $1.15 to $103.08 a barrel.
Brent futures gained $1.18 at $107.82 a barrel.
RUSSIA ENTERS UKRANE: LIVE UPDATES
The United States and its allies have been preparing new sanctions against Moscow for the killing of civilians in northern Ukraine, which President Volodymyr Zelenskyy described as “war crimes” that demand corresponding penalties, according to Reuters.
Oil wells seen at sunrise (iStock/iStock)
The proposed EU sanctions would ban the purchase of Russian coal and prevent Russian ships from entering EU ports.
Britain also urged the G7 and NATO countries to agree on a timetable to phase out oil and gas imports from Russia.
US crude oil and distillate inventories rose last week, while gasoline inventories fell, according to market sources citing figures from the American Petroleum Institute on Tuesday.
Crude oil inventories rose 1.1 million barrels last week, against analysts’ forecast of a 2.1 million barrel drop.
Wednesday morning, the DOE’s Energy Information Administration will release its inventory report for last week.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Crude inventories are expected to decline by just over 2 million barrels. That would be the third consecutive decline after a much larger-than-expected decline of 3,449 million barrels the previous week.