Commercial crude oil stocks excluding the Strategic Petroleum Reserve increased by 1.9 million barrels to 465.7 million barrels in the week ended April 17, and were about 3% above the five-year average for the time of year, the EIA said.
Ceasefire extension lifts sentiment, but uncertainty lingers. Key ETFs react to oil moves, AI optimism and momentum trends amid fragile geopolitics.
Traders placed a series of bets worth $430 million on a drop in crude prices just 15 minutes before U.S. President Donald Trump said he would extend a ceasefire with Iran on Tuesday.
Russia will divert oil supplies from Kazakhstan previously intended for Germany via the Druzhba pipeline to other routes starting from May 1, Deputy Prime Minister Alexander Novak said on Wednesday.
China has multiple sources of energy imports and it has prepared well for a sustained period of high oil prices. Unlike America.
Germany has been informed that Russia will stop the supply of Kazakh crude oil via the Druzhba pipeline, the economy ministry said on Wednesday, forcing one of its biggest refineries to make up for that gap from elsewhere.
Japan Petroleum Exploration said on Wednesday it plans to quadruple its oil and gas output over the next decade, investing 1.16 trillion yen ($7.3 billion) in exploration and production, mainly in the United States.
Brent crude was back below $100 a barrel as President Donald Trump extended the cease-fire between the U.S. and Iran.
WTI oil struggles under $92 resistance as Middle East tensions balance against domestic supply. Will the downward channel break or send prices back toward $85?
Ukraine has told Hungarian oil group MOL that deliveries of Russian crude will resume through the Druzhba pipeline, MOL said on Wednesday, potentially allowing Budapest to unblock a 90 billion euro ($105.79 billion) loan for Kyiv.
The U.S.-Israeli war with Iran and the closure of the Strait of Hormuz have caused the biggest oil supply disruption on record by daily output lost, though at least one earlier shock had a greater cumulative impact, according to Reuters calculations based on International Energy Agency and U.S. Department of Energy data.
Oil prices edged lower on Wednesday as uncertainty lingered over the trajectory of the U.S.–Iran conflict. The moves come after Trump said the U.S. would prolong its temporary truce with Iran beyond the previously set deadline.