London, Wednesday, 12 April 2023
WTI crude futures increased 1.8% to $83 a barrel on Wednesday, reaching their highest level since November of last year as a result of a weaker dollar generally and worries about supply shortages. Following Moscow's pledge to cut output, shipments from that country have slowed down, but pipeline flows from Iraq's semi-autonomous Kurdistan region are still halted. In contrast to statistics from the American Petroleum Institute issued yesterday, the EIA report showed an increase in US oil stocks last week. Despite a reduction in the IMF's growth projections, investors continue to observe a surge in oil demand from China.
The OPEC and IEA monthly reports, which are coming this week, will provide traders with additional information on demand and supply forces.
(Report by: The Decision Maker - Energy editors)
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