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5/25, 12:30 PM (Source: TeleTrader)
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Oil prices up by over 1% ahead of US EIA's report

The prices of oil futures turned to gains on Wednesday after seeing losses the day before ahead of the United States Energy Administration's (EIA) newest report on the country's stocks of the commodity.

Earlier, the US Department of Energy announced its decision to sell up to 40.1 million additional barrels of oil from its Strategic Petroleum Reserve (SPR) to "address the significant global supply disruption caused by Putin's war on Ukraine."

West Texas Intermediate (WTI) for deliveries in July went up by 1.34% at 6:18 am ET to sell for $111.26 per barrel. A minute later, Brent for the same month's settlements increased by 1.23% to go for $114.97 per barrel.

Baha Breaking News (BBN) / JR