Crude oil prices increased today, reaching a three-week high due to declining U.S. oil inventories and tighter global supply. The latest figures show:
- Brent crude at $73.85 per barrel, up 1.14%
- West Texas Intermediate (WTI) crude at $69.82 per barrel, up 1.19%
- Murban crude at $75.07 per barrel, up 0.70%
- Natural gas at $3.868 per MMBtu, up 0.73%
Lower U.S. Oil Reserves Drive Price Increase
Prices surged after the American Petroleum Institute reported that U.S. crude stockpiles fell by 4.6 million barrels in the week ending March 21. This was a much larger drop than the expected 2.5 million-barrel decline, signaling increased demand and tightening supply.
Adding to concerns, the U.S. government has imposed stricter sanctions on Iran and Venezuela, further limiting global oil availability.
Venezuela Sanctions Disrupt Shipments
Oil exports from Venezuela have slowed after former U.S. President Donald Trump threatened a 25% tariff on countries importing Venezuelan crude. According to Reuters, only three supertankers were loading at the Jose oil terminal, while another berth remained empty, and no shipments were detected at the Bajo Grande port.
Despite rising prices, some downward pressure exists as the U.S., Russia, and Ukraine reportedly reached a deal to suspend hostilities in the Black Sea. The U.S. has also agreed to push for relaxed sanctions on Russia, which could impact global oil trade.
Market Outlook
Investors are now awaiting the Energy Information Administration report due later today for more insights into U.S. oil inventories. Traders are also watching OPEC+ production plans, ongoing trade talks, and global fuel demand shifts.
For now, oil prices remain on an upward trend, but further changes in policy or supply could bring volatility in the days ahead.
