Oil prices are fluctuating this Wednesday after hitting a two-month low in the previous session.
West Texas Intermediate (WTI), the U.S. benchmark, edged down 0.03% to $68.91 per barrel, while Brent, Angola’s benchmark, slipped 0.07% to $72.97 per barrel.
The market is closely monitoring U.S. oil inventories, which, according to an industry group cited by Reuters, declined last week.
A potential ceasefire agreement between Russia and Ukraine could increase global oil supply.
Data from the American Petroleum Institute (API) indicate a decrease of 640,000 barrels in U.S. inventories for the week ending February 21.
The official report from the Energy Information Administration (EIA) will be released today. If it confirms the decline, it would be the first drop since mid-January, according to ING.
On the international front, a potential agreement between Russia and Ukraine could lead to the lifting of sanctions against Moscow and boost oil supply. Meanwhile, U.S.-Ukraine negotiations on joint exploration of minerals and energy resources remain under review.
Source: Mercado
