Crude oil price has continued its upward movement this week as U.S. Energy Information Adminstration (EIA) released its oil market data on Wednesday, March 13.
Brent Crude Oil Price
The data published by EIA for the week ending March 8, showed a decline in U.S. crude oil production as well as a sharp fall in U.S. crude oil and gasoline inventories for the week ending March 8, as follows:
- U.S. gasoline inventories fell by 4.6 million barrels.
- U.S. crude oil output was down by 100,000 bbl/day to average 12,000,000 bbl/day as of weeks ending March 8.
- U.S. crude oil inventories fell by 3.9 million barrels to a level of 449.1 million barrels for the week ending March 8.
Brent Crude and WTI were up by 1.23% and 2.17% to $67.64 and $58.31/bbl respectively following the release of EIA oil market data.
Crude oil price is also getting support from deteriorating situation in Venezuela and anticipation of further collapse in Venezuelan oil output going forward.
Oil price is expected to maintain the gains achieved this week and close the week at current level or slightly higher.
