The prices of oil futures gained ground on Wednesday, with the West Texas Intermediate (WTI) going above the $75 mark for the first time since early October 2024.
Worries on the supply side came into the spotlight yet again. Crude oil inventories in the United States dropped by 4.02 million, according to yesterday's data from the American Petroleum Institute (API). Meanwhile, Kiev shared it hit Russia's oil depot believed to be serving as a military airfield. With the war in Eastern Europe continuing, media previously reported that Washington is likely to impose further sanctions that would hurt Moscow's energy revenue.
WTI for February deliveries rose by 0.90% at 3:34 am ET, going for $75.12 per barrel. Brent for March settlements gained 0.96% a minute later, selling at $77.82 a barrel.
