Crude Oil Prices Rebound. Crude oil prices have risen after four days of losses as an industry report showed a decline in US crude stocks, offsetting unstable OPEC+ cuts.
Based on data on Wednesday, the price of West Texas Intermediate (WTI) oil for the April 2024 contract rose 0.94% or 0.73 points to US$78.29 per barrel. Meanwhile, the price of Brent oil for the May 2024 contract also rose 0.93% or 0.76 points to US$82.68 per barrel.
Oil prices fell on Tuesday (12/3) after OPEC+ said its latest supply cuts had stalled as Iraq produced above quota for a second month, although the benchmark futures contract remained in a tight trading range throughout 2024.
Not only that, there is also the increasing inflation factor in the United States, making the course of monetary policy confusing. Then, according to sources, the American Petroleum Institute (API) also reported that crude oil inventories decreased by 5.5 million barrels last week.
This decline is the first in seven weeks, if confirmed by US government data on Wednesday (13/3). Based on API figures, crude oil stocks in Cushing, Oklahoma also decreased by almost 1 million barrels.
The Energy Information Administration (EIA) also said on Tuesday (12/3) that US oil production in 2024 will increase faster than previously estimated. This will help curb global supply considering OPEC+ production cuts.
Crude Oil Prices Rebound, EIA also projected this in the Short-Term Energy Outlook and increased its production forecast in 2025 by 1.2%.
