- Oil prices rose Wednesday morning, recovering from its biggest one-day loss this year
- Traders weighed whether the Ukraine-Russia crisis was deescalating after Russia said it was pulling back some troops
- President Joe Biden said the U.S. hasn’t verified the claim and cautioned that an attack remains possible
- The American Petroleum Institute reported yesterday that oil stocks at Cushing, Oklahoma fell 2.4 MMBbl last week
- If confirmed by governmental figures later on Wednesday, it is yet another sign of shrinking inventories at key hubs (BBG)
- The IEA urged OPEC and its allies to address their continued shortfall of providing oil to the globe
- Members need to fix the issue as the supply gap versus their target spirals toward 1 MBMbl/d, IEA Executive Director Fatih Birol told a conference in Riyadh (Bloomberg)
- “hopefully (OPEC) will provide more volumes to the market in order to reduce volatility.”, Birol said