Oil Prices Rising for 6th Day in 7 Sessions

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April 20, 2022
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April 21, 2022

Oil Prices Rising for 6th Day in 7 Sessions

US benchmark oil prices rise 1% to $103.25 a barrel and are on course to close higher for the sixth time in the past seven sessions. Yesterday’s weekly EIA report was very bullish, showing inventory declines in all four main categories — crude-oil, gasoline, distillates and crude stocks at the hub in Cushing, Okla. “Crude oil prices are up and from a technical perspective are forming a solid base to rally from,” says Spartan Capital’s Peter Cardillo in a research note. The market remains focused on developments in Ukraine, and is also keeping an eye on what OPEC may do or say when they meet in early May to discuss quotas.