Crude oil rises on falling US crude inventories

February 10, 2022 03:25 PM AEDT | By Arpit Verma

Crude oil rises on falling US crude inventories — Image source: Copyright © 2022 Kalkine Media®

Falling US crude stockpiles

US crude stocks tumbled by 4.8 million barrels in the last week to 410.4 million barrels to reach their lowest level since October 2018. On the flip side, the demand hit 21.9 Mbpd in the past four weeks, as per the government data.

Rising oil prices

Meanwhile, the US government is trying its best to urgently negotiate a nuclear agreement with Iran, aiming to quickly stabilise oil prices.

Bottom Line

Crude oil prices rose on Wednesday after the US crude stocks tumbled by nearly 5 million barrels. The prices also got support from the ongoing political unrests in the UAE, Ukraine, and Russia.

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