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Oil Prices Rally as EIA Reduces Oil Surplus Estimates
Brent crude prices are up around 1.55% at the time of writing as the commodity attempts a sustained recovery. U.S. government data revealed that oil and fuel supplies are lower than expected. U.S. government data on Wednesday showed crude oil stockpiles increased by 1.4 million barrels last week, which was smaller than the 2-million barrel increase that experts had predicted. The U.S. Energy Information Administration (EIA) has updated its forecast for oil surpluses in 2025 and 2026, lowering the expected surplus due to sanctions. The EIA now predicts a surplus of 100,000 barrels per day in 2025, down from the ... (full story)
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- Posted: Mar 12, 2025 9:11pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 81
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