Crude oil prices traded higher on Wednesday with overnight crude inventory figures from the American Petroleum Institute leading to a decline for now.
Some support for crude prices came after a big drop in crude inventories from the American Petroleum Institute (API) on Tuesday. With a drop of 4.7 million barrels, larger than the 1.85 million barrel drop expected, crude prices gained slightly.
However, some bearish news for oil came out of Kazakhstan.
Prime Minister Olzhas Bektenov said on Tuesday that he has ordered the Energy Ministry to intensify efforts to increase Natural Gas and Oil production.
The Energy Ministry must ensure that 2025 oil production is at planned levels, Bektenov said, Bloomberg reported.
Source: FXStreet
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