west texas crude oil price The close on Wednesday (April 6) dropped $5.73 on reports that the United States and the European Union (EU) are preparing to impose additional sanctions on Russia. This raises concerns that the supply of oil in the world market will face tightness.
west texas crude oil price The close on Wednesday (April 6) dropped $5.73 on reports that the United States and the European Union (EU) are preparing to impose additional sanctions on Russia. This raises concerns that the supply of oil in the world market will face tightness.
West Texas Crude Oil Contract Delivered in May Trading on the NYMEX was down $5.73 to close at $96.23 a barrel. Brent crude oil contract Delivered in June It was down $5.57 to close at $101.07 a barrel.
A source told NBC News that US to announce a ban on all new investments in Russia as well as sanctions on Russian state-owned enterprises and financial institutions. including Russian government officials and their family members.
At the same time, the European Union (EU) is preparing to announce additional sanctions. This includes a ban on coal imports from Russia.
On Tuesday (April 5), European Commission President Ursula von der Leyen said the EU will ban coal imports from Russia. That amounts to 4 billion euros ($4.39 billion) a year.
The US government’s Energy Information Administration (EIA) said today that U.S. crude inventories rose 2.4 million barrels for the week ending Apr. 1, while analysts had expected a 1.85 million barrel drop.
Earlier, the American Petroleum Institute (API), an oil industry group, said US crude inventories rose 1.1 million barrels last week.
EIA also revealed that Crude stocks at Cushing, Oklahoma, the delivery point for U.S. crude futures, rose 1.7 million barrels.
Gasoline inventories fell by 2 million barrels, compared with analysts’ expectations for a decrease of 350,000 barrels.
refined oil stock That includes heating oil and diesel, up 800,000 barrels, while analysts expected a decline of 700,000 barrels.
