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West Texas Intermediate climbed to near $75 a barrel, after gaining 1% on Tuesday, while Brent closed above $77. An American Petroleum Institute report showed stockpiles fell by 4 million barrels last week, which would be a seventh straight draw and the longest streak of declines in three years if confirmed by government data later Wednesday.
Oil pushed higher on Tuesday — reversing earlier losses — as frigid weather in the US boosted demand for heating fuel and increased the risk of freeze-offs in production areas. Futures have had a strong start to 2025 as a result of technical buying after prices broke out of a months-long range, although many analysts continue to warn of a glut later in the year.
In a sign of tightening supply, Russian data show that its oil production was below its OPEC+ output target last month, after seaborne exports slumped to the lowest level since August 2023. Meanwhile, ports in the eastern Chinese province of Shandong, the top destination for Iranian crude, were urged to prevent US-sanctioned tankers from docking at their berths.
Stockpiles at Cushing, the delivery point for WTI, dropped by 3.1 million barrels, API said, which would take them to the lowest since 2014 if confirmed.
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