Oil prices should be ‘a lot higher’ than they are: Phil Flynn
The Price Futures Group senior account executive Phil Flynn weighs in on President Biden’s plan to buy back oil to put back into the Strategic Petroleum Reserve.
As Americans prepare to travel for the Holiday weekend, oil prices in the United States increased by more than $2 a barrel earlier this week amid news that a snowstorm is expected to land in the coming days.
Futures for Brent Crude Oil grew by 2.76% to $82.20 a barrel as West Texas Intermediate crude futures were up by 2.7% at $78.29 a barrel, according to Reuters. Both oil benchmarks saw prices increase by at least $2 a barrel.
However, the U.S Energy Information Administration released data showing that crude inventories fell by 5.89 million barrels, while the American Petroleum Institute showed that there was a 3.1 million barrel draw for the week of Dec. 16.
"This report is very bullish, especially with the fact that there's a draw from the crude oil equation and distillate inventories stopped their streak of builds ahead of the cold blast," said oil analyst Phil Flynn in a statement to Reuters.
OIL MARKET FACES ‘CONSIDERABLE UNCERTAINTIES,’ OPEC WARNS