The Price Futures Group senior account executive Phil Flynn weighs in on President Biden’s plan to buy back oil to put back into the Strategic Petroleum Reserve.
As Americans prepare to travel for the Holiday weekend, oil prices in the United States increased by more than $2 a barrel earlier this week amid news that a snowstorm is expected to land in the coming days.
Futures for Brent Crude Oil grew by 2.76% to $82.20 a barrel as West Texas Intermediate crude futures were up by 2.7% at $78.29 a barrel, according to Reuters. Both oil benchmarks saw prices increase by at least $2 a barrel.
However, the U.S Energy Information Administration released data showing that crude inventories fell by 5.89 million barrels, while the American Petroleum Institute showed that there was a 3.1 million barrel draw for the week of Dec. 16.
"This report is very bullish, especially with the fact that there's a draw from the crude oil equation and distillate inventories stopped their streak of builds ahead of the cold blast," said oil analyst Phil Flynn in a statement to Reuters.
OIL MARKET FACES ‘CONSIDERABLE UNCERTAINTIES,’ OPEC WARNS
Oil prices in the United States increased by over $2 a barrel as Americans prepare to travel for the holiday season. (Photo by Mario Tama/Getty Images / Getty Images)
Prices were assisted by the news that China plans to ease back on COVID-19 regulations that have curbed travel across the world's most populated country. Distillate inventories also dropped by 242,000 barrels, as shown by EIA data.
DIESEL HITS RECORD PREMIUM OVER GAS, OIL
A heavy snowstorm will cause flight delays and make it difficult to travel across the U.S. during the country's busiest travel season. As a result, the weather conditions helped bring down oil demand in the U.S.
In other parts of the world, the European Union's oil embargo Russia saw its petroleum exports fall by 11% for the month of December.
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December 23, 2022 at 01:22AM
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US Oil prices jump by $2 a barrel as Americans prepare for holiday weekend travel - Fox Business
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