ISLAMABAD: The oil markets experienced a significant increase on Wednesday because prices went up by more than three dollars when U.S. gasoline and distillate inventories unexpectedly decreased.
The rally grew stronger through the announcement of gunfire attacks which hit three container vessels in the Strait of Hormuz and the halt of peace talks between the United States and Iran.
Brent crude futures reached $101.8 per barrel at 12:50 pm EDT when they rose by $3.32, which represented a 3.37 percent increase.
West Texas Intermediate (WTI) futures reached $93.28 per barrel after they rose by $3.61, which represented a 4.03 percent increase. Tuesday’s session saw both benchmarks increase by approximately 3 percent because they had already achieved gains.
The session reached its peak when U.S. crude futures climbed above $4 per barrel. The Energy Information Administration reported that U.S. crude inventories increased during the week that ended on April 17.
The unexpected gasoline and distillate stock drawdown led to overall price increases, which outweighed the inventory gains.
