Oil prices ended higher on Wednesday, shaking off an earlier decline, as traders parsed U.S. government data showing a more-than-3-million-barrel decline in crude inventories, and a bigger-than-expected climb in gasoline inventories.
Once traders “looked beneath the sticker shock” of a weekly rise in total U.S. petroleum stocks, “the report generally seemed positive and showed a tightening market,” said Manish Raj, chief financial officer at Velandera Energy.
The market is also still recovering from what Raj referred to as “an unwarranted drop” Monday, when prices fell over 4%, creating a “buying opportunity as traders looked to buy the dip.”
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.