Pricing in the oil market displayed a flat outlook due to the data showing the stock decline in the USA and Russia’s oil shipments.
Oil held its two-day gains as data showing lower US inventories and risks to supply responded to concerns of a slowdown.
US crude was trading above $76 a barrel after gaining more than 2 percent in the first two sessions of the week amid falling liquidity.
According to Bloomberg’s report, the American Petroleum Institute reported that US crude oil inventories decreased by 3.1 million barrels last week.
Russia’s oil shipments fell sharply in the first week of G7 sanctions targeting Moscow’s oil revenues, posing a potential source of alarm for governments. Energy Corp. in North America delayed the whole opening of Keystone tubing for a week.
Further tightening by significant central banks risks pushing the US and European Union into recession, while crude oil is on its way to a quarterly decline for the first time since 2019.
Oil investors are also watching the impact of China’s easing of harsh virus restrictions and Saudi Arabia’s warning that the Organization of the Petroleum Exporting Countries and its allies will continue to be proactive and preventive in managing the global oil market.
