Data from the American Petroleum Institute on Tuesday evening showed a sharp drop in crude oil and fuel inventories in the United States.
According to data from the institute, crude inventories fell about 6.8 million barrels in the week ending May 19, gasoline inventories fell about 6.4 million barrels , while distillate stocks fell by about 1.8 million.
Meanwhile, some OPEC+ countries began implementing production cuts this month. Concerns have grown over the possibility of further cuts being announced after Saudi Energy Minister Prince Abdulaziz bin Salman said he would keep sellers short, who are betting prices will fall, ” in pain” and called on them to be “careful”.
Some investors took that as a sign that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, could consider announcing further production cuts at a meeting on June 4.
price movement
Brent crude futures rose 86 cents, or 1.1%, to $77.70 a barrel at 0007 GMT, while U.S. West Texas Intermediate crude rose 88 cents, or 1.2%, at $73.79 a barrel, according to Reuters data.
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