After oil prices had fallen at times, they rose once more significantly on Wednesday. The reason for this is the news of lower oil reserves of the USA. This came as a surprise to experts.
Oil prices rose on Wednesday. They benefited from increased crude oil inventories. Most recently, a barrel (159 liters) of the North Sea variety Brent cost $ 91.75. That was 95 cents more than on Tuesday. The price of a barrel of the US variety West Texas Intermediate (WTI) rose by 74 cents to $ 90.10.
The US stocks of crude oil have fallen surprisingly and significantly in the past week. According to the Energy Ministry, inventories fell by 4.8 million barrels (159 liters) to 410.4 million barrels compared to the previous week.
Analysts, on the other hand, had expected an increase of 1.5 million barrels. Gasoline and distillate stocks also fell. Lower oil stocks tend to support prices.
Oil prices had dropped noticeably in recent days. Prices were also temporarily under pressure on Wednesday.
Expert: Return of Iranian oil exports possible
“The seven-year highs recorded at the beginning of the week have thus become somewhat out of reach and it does not seem at the moment that they will be reached once more soon,” said Carsten Fritsch, commodity expert at Commerzbank. The mood in the oil market had apparently turned.
“Speculation regarding a possible early return of Iranian oil exports has contributed significantly to this,” says Fritsch.
If the agreements of the 2015 nuclear agreement are revived, Iran might once more deliver significantly more oil to other countries following the lifting of sanctions. An agreement is still pending. “The high price level might have made the negotiators more willing to compromise,” Fritsch expects.
Germany, France and Great Britain have been mediating between Iran and the United States together with Russia and China for months. It is regarding lifting US economic sanctions and, in return, curbing Iran’s nuclear program once more. Progress in negotiations has recently been reported.
