Crude prices were seen trading higher on Wednesday as the North American West Texas Intermediate (WTI) crude climbed for a third day indicating hints that the US may lift its ban on crude exports.
Futures for the West Texas Intermediate (WTI) crude for June delivery increased by 0.31% to $102.18 on the New York Mercantile Exchange at the time of writing, while futures for the European benchmark Brent crude for June settlement climbed by 0.21% to $109.47 on the ICE Future Europe exchange at the same time.
On Tuesday, the US secretary of Energy Ernest Moniz said the US is going over its ban on crude exports, “A driver for this consideration is that the nature of the oil we’re producing may not be well matched to our current refinery capacity” Moniz said.
Reports from the API showed that supplies increased by 912,000 barrels in the week ending May 9. The report also showed that crude inventories at Cushing dropped by 590,000 barrels in the previous week. WTI futures bounced back after reports from the EIA showed that crude inventories dropped from 399.4 million barrels, the highest since 1982.
The report from Energy Information administration (EIA) due later in the day is expected to show a rise in supplies by 300,000 barrels.
The international Energy Agency is expected to release its monthly estimates of global oil demand and supply on Thursday.
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