Sector Update: WTI Leads Crude Prices Higher Ahead of Key U.S. Stockpiles Data
Oil prices rose Tuesday, led by West Texas Intermediate crude, as a key U.S. report on Wednesday is expected to show stockpiles shrank last week.
A report from the Energy Information Administration, a division of the Energy Department, will likely show U.S. crude inventories declined by 1.5 million barrels to 358.1 million, according to a Bloomberg News survey. The American Petroleum Institute will release its stockpiles data on Tuesday.
Brent crude oil rose slightly, not keeping pace with gains made by WTI futures. Prices, while higher, are being pressured by a cease fire between Ukraine and Russia. Easing conflict between the nations reduces the chances that the flow of oil from Russia to the European Union will be disrupted.
WTI crude futures for October delivery rose 1.2% to $93.73 a barrel in New York.
Brent crude futures for October delivery gained 0.2% to $100.38 a barrel in London.
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