In the early hours of the 21st, Beijing time, the price of U.S. WTI crude oil closed higher on Thursday, marking the third consecutive day of increases. Data showed a decrease in U.S. gasoline and distillate production, while a potential disruption in Russian oil supplies contributed to the rise in crude oil prices. The March delivery price of West Texas Intermediate (WTI) crude oil futures on the New York Mercantile Exchange rose by 32 cents, or 0.44%, closing at $72.57 per barrel.
Meanwhile, the April delivery price of Brent crude oil futures on the European Intercontinental Exchange increased by 44 cents, or 0.58%, closing at $76.48 per barrel.
A report by the U.S. Energy Information Administration (EIA) showed that due to seasonal maintenance at refineries, U.S. crude oil inventories increased slightly more than expected last week, while fuel inventories declined. The EIA report further confirmed the tightness in fuel supply, especially in the gasoline and distillate markets. Following the report's release, crude oil futures prices continued to rise.
Analysts pointed out that issues with Russia's oil supply and global market concerns about supply disruptions are key drivers of rising oil prices. Despite a slight increase in U.S. crude oil inventories, the expectation of tight supply continues to support the rise in oil prices.
The current market remains intensely focused on the global oil supply chain, especially with the potential for export restrictions on Russia due to geopolitical factors, which may further exacerbate volatility in crude oil prices.
