On Tuesday, oil prices rose to a one-week high, falling short of some expectations as the United States and other consumer nations sought to calm the market after tens of thousands of barrels of crude were withdrawn from emergency reserves.
The United States has said it will release millions of barrels of oil from strategic reserves in conjunction with China, India, South Korea, Japan and Britain, following repeated calls by manufacturers in the OPEC + alliance to pump more crude oil.
But after years of low investment and a strong global recovery from the Govt-19 epidemic, analysts say the impact of these reserves on prices will be short-lived.
Global crude crude deals traded up $ 2.61 or 3.3 percent at $ 82.31 a barrel.
US West Texas Intermediate crude trades rose $ 1.75 or 2.3 percent to $ 78.50 a barrel.
This is the largest one-day increase in the percentage of Brent crude oil since August and the highest closing level since November 16th. This pushed Brent’s premium on the price of US crude to its highest level since mid-October.
The market is waiting for the latest weekly data on oil prices in the United States to be released by the US Petroleum Corporation and the US Energy Information Administration. Analysts expect inventory data to show a fall of 500,000 barrels in U.S. crude oil stocks. (Reuters)