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Oil rises to its highest level in a year with inventory data and OPEC + committee report

Oil prices rose to the highest level in a year upon settlement of trading on Wednesday, with the continued decline in US inventories and expectations of a decrease in supply from crude producers.

Data from the Energy Information Administration revealed that US oil inventories fell by one million barrels last week, reaching the lowest level since March 2020.

The oil market also benefited from the statement of the Ministerial Committee of the “OPEC Plus” coalition, which confirmed the commitment of the member states to the agreement to reduce supplies by 101% last December, with the participants pledging to compensate for the lack of commitment in the past period.

Brent crude for April delivery recorded a rise of 1.7%, or one dollar, recording $ 58.46 a barrel upon settlement, after hitting $ 58.94 earlier for the first time since February 2020.

The price of US Nymex contracts for March delivery rose 1.7%, equivalent to 93 cents, to reach $ 55.69 a barrel, after hitting $ 56.33 earlier for the first time since January 2020.