WTI crude oil prices held firmly higher as supply worries remained after President Joe Biden's State of the Union speech. The West may target Russian energy exports, hurting further its ability to sell oil. Get your market update from FxWestwater here:
Meanwhile, oil demand continues to rise as Covid restrictions come to an end across key economies. The US Energy Information Administration reported earlier this week that oil demand in December hit its highest level since the Covid pandemic started. The American Petroleum Institute reported a 6.1-million-barrel draw in US crude inventories. Analysts expected a build of 2.8 million barrels for the week ending February 25. The EIA’s inventory report will cross the wires later today.
For now, the threat of even higher prices may be the biggest obstacle for oil bulls, as gasoline hit the highest levels in over a decade across many parts of the United States. That may lead to consumers cutting their travel and driving-related activity. Some analysts see pump prices rising to around $7 per gallon, a level that would likely cause such a reduction in consumer spending.
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