Crude oil prices continued their recent upward surge on Wednesday, rising for the fifth straight day to a fresh seven-year high.
Upward selling pressure was the result of a tightening market following supply issues in the Middle East – particularly the oil facility on Abu Dhabi.
West Texas Intermediate for February contract jumped $1.22 or 1.43 percent to $86.65 per barrel. It’s risen nearly $4 or almost 5 percent in the last week.
The upside may be limited, however, as Wednesday’s API crude oil stock report showed a build of 1.404 million barrels in the past week.
That defied expectations for a loss of 1.367 million barrels following the loss of 1.077 million barrels a week earlier.
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Crude Oil Prices Jump To Fresh Seven-Year High
2022-01-19 21:44:02
