WTI oil prices rose by almost 2%

Crude oil prices rose this morning after falling more than 6.8% on Friday as investors turned their attention to the outlook for tight oil supply in the market.

  • Brent crude rose $1.32, or 1.2%, to $115.45 a barrel.
  • WTI crude futures rose $1.95, or 1.8%, to $111.51 a barrel.

An ANZ Research analyst said concerns about tight oil supply are supporting the market after Western countries imposed sanctions on Russian oil. Market participants are watching to see how much oil production will fall as a result of the sanctions.

The release of the weekly U.S. crude oil inventory report is delayed by one day because Monday, June 20, was a national holiday.

The American Petroleum Institute (API) will release its weekly crude oil inventory report on Wednesday. The U.S. Energy Information Administration (EIA) will publish the data on Thursday.

The Spot Market is Open

Tuesday, June 21, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.30

112.01

+2.45

+2.24%

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