Oil prices aim at 2019 high

Source: Dukascopy Bank SA


During Wednesday's trading hours, crude oil prices hit a new record high. In the case of the surge continuing, crude oil price benchmarks could reach 2019 high levels.

For example, on Wednesday morning, the price for US light crude oil was 4.10 USD from 2019 high level.

The gains in crude oil prices were attributed to a recovery in demand that was caused by global coronavirus vaccination. In addition, API revealed that US crude oil inventories had dropped by 8.5 million barrels.

In the meantime, take into account that the US Energy Information Administration would issue the official data about crude oil inventories on Wednesday at 14:30 GMT.
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