The price of WTI increased as a result of growing supply fears after Israel was reported to be planning to attack Iranian nuclear facilities.
Iran may obstruct the Strait of Hormuz's waterways, which would affect the flow of oil from the main Gulf nations.
Despite forecasts of a 1.85 million barrel decline, API Weekly Crude Oil Stock rose by 2.49 million barrels last week.
The price of West Texas Intermediate (WTI) oil continues to rise for the fourth straight session, hovering at $62.70 per barrel in the early hours of Wednesday in Europe. Following reports that Israel intends to attack nuclear facilities in Iran, which could disrupt the Middle East's oil supply, crude oil prices spiked. But according to officials quoted by CNN, it was unclear whether Israeli leaders had reached a final decision.
The Organization of the Petroleum Exporting Countries (OPEC) member that produces the third most oil, Iran, could disrupt its supply if Israel attacks it. Crude oil exports from key Gulf nations like Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates are at risk of being blocked by Iran in retaliation, which would raise supply concerns and drive up oil prices.
The United States (US), the world's largest oil user, has improved its crude supply, which may limit the upward of oil prices. The American Petroleum Institute (API) Weekly Crude Oil Stock increased by 2.49 million barrels last week, which was less than the 4.28 million barrel increase the week before but still more than the 1.85 million barrel drop that was anticipated. Investors are anticipating the Energy Information Administration's (EIA) report on changes to crude oil stocks later on Wednesday.
Furthermore, although it still surpassed its OPEC+ quota, Kazakhstan's oil production rose by 2% in May after declining by 3% in April. The country has refused to lower its supply in spite of pressure from OPEC+. When asked about output figures, the Kazakh energy ministry did not reply.
Iran may obstruct the Strait of Hormuz's waterways, which would affect the flow of oil from the main Gulf nations.
Despite forecasts of a 1.85 million barrel decline, API Weekly Crude Oil Stock rose by 2.49 million barrels last week.
The price of West Texas Intermediate (WTI) oil continues to rise for the fourth straight session, hovering at $62.70 per barrel in the early hours of Wednesday in Europe. Following reports that Israel intends to attack nuclear facilities in Iran, which could disrupt the Middle East's oil supply, crude oil prices spiked. But according to officials quoted by CNN, it was unclear whether Israeli leaders had reached a final decision.
The Organization of the Petroleum Exporting Countries (OPEC) member that produces the third most oil, Iran, could disrupt its supply if Israel attacks it. Crude oil exports from key Gulf nations like Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates are at risk of being blocked by Iran in retaliation, which would raise supply concerns and drive up oil prices.
The United States (US), the world's largest oil user, has improved its crude supply, which may limit the upward of oil prices. The American Petroleum Institute (API) Weekly Crude Oil Stock increased by 2.49 million barrels last week, which was less than the 4.28 million barrel increase the week before but still more than the 1.85 million barrel drop that was anticipated. Investors are anticipating the Energy Information Administration's (EIA) report on changes to crude oil stocks later on Wednesday.
Furthermore, although it still surpassed its OPEC+ quota, Kazakhstan's oil production rose by 2% in May after declining by 3% in April. The country has refused to lower its supply in spite of pressure from OPEC+. When asked about output figures, the Kazakh energy ministry did not reply.
