Oil prices rose during trading on Wednesday before the release of US inventories data and before the OPEC + meeting later today, amid expectations that the organization will approve adding another 400,000 barrels to production.
Brent crude futures for April delivery rose 0.29% to $89.42 a barrel. US NYMEX crude contracts for March delivery also rose by 0.28% at the level of $88.45 a barrel.
The American Petroleum Institute data yesterday showed that oil stocks in the United States fell by 1.6 million barrels for the week ending January 28, 2022, while gasoline stocks increased by 5.8 million barrels, Distillate stocks decreased by 2.5 million brils.
Goldman Sachs warned in a note reported by Bloomberg yesterday that a rise in Brent crude prices near $90 a barrel could push OPEC and its allies to a larger-than-expected increase in production.
Oil prices recorded mixed performance when settling yesterday's trading, as Brent crude for April delivery witnessed a decline of 0.1% to $89.16 a barrel, while Nymex crude rose US for March delivery by less than 0.1% at $88.20 a barrel.
