Crude oil futures closed higher on Wednesday (Feb. 16), with concerns returning after NATO said Russia is continuing to increase its militarization along the Ukrainian border.
- WTI crude futures were up $1.59, or 1.7%, at $93.66 a barrel.
- BRENT crude futures were up $1.53, or 1.6%, at $94.81 a barrel.
NATO Secretary General Jens Stoltenberg said yesterday that Russia continues to reinforce its troops along the Ukrainian border. Although there are reports that Russia has withdrawn some of its troops from the area.
“What we is that they have increased the number of troops and more troops are on their way. So, so far, no de-escalation,” Stoltenberg said yesterday.
The situation in Ukraine was again tense. This was a factor supporting crude oil prices, although the EIA reported that U.S. crude oil inventories rose by 1.1 million barrels last week.
Crude oil inventories at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, declined by 1.9 million barrels.
Gasoline inventories fell by 1.3 million barrels, and refined oil inventories, including heating oil and diesel, fell by 1.6 million barrels last week.
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Thursday, February 17, 2022