Oil (CL=F, BZ=F) prices tick higher following the release of the US fourth-quarter GDP print.
Yahoo Finance Energy Reporter Ines Ferré touches upon the other factors, including harsh winter weather in the American Midwest and geopolitical tensions in the Red Sea, pressuring crude oil prices right now.
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Speaking of context let’s talk oil prices right Rising following the release of better than expected GDP growth for the fourth quarter of last year and it comes after increasing crude oil prices amid severe winter storms that stall domestic production for more return to Yahoo finances inz foray on
The oil trade hi uness hi Julie and it was a big day for oil prices today because they were up more than 2% as much as 3% for WTI breaking above the resistance of $75 a barrel above $77 a barrel today you also are looking
At bran crude that is up more than 2 and a half% bran crude above $82 a barrel and some bullish developments as you had mentioned uh the GDP print for the fourth quarter of last year in the US it came in uh hotter than expected for that preliminary print also China coming out
With some stimulative measures for banks reducing the amount of liquidity that the banks have to have on hand and then you’ve got cold winter weather which has affected us production you had last week production down by a million barrels that’s according to eia data North Dakota was heavily impacted because of
The freezing temperatures and then you’ve also had stockpiles which dropped last week so you had crude inventories which were down more than 9 million barrels and that was much more than what analysts had been expecting so all of this bullish for oil prices you did have gasoline supplies which increased uh by
Nearly 5 million barrels bar to a threeyear high that’s bearish for oil prices but look the bottom line is is that these freezing temperatures they have had an impact on us production they’ve had an impact on refineries the refinery capacity was at 85 and a half%
Last week according to EA data so that really has been impacting prices as well as those houie attacks in the Red Sea also keep in mind you’ve got a meeting coming up from OPEC Plus on February 1st so we’ll see what happens after that as
Well you sure will and as thank you for that appreciate it