Oil prices reach two-week highs amid supply pressures and air travel demand
Oil prices continued their rebound on Wednesday morning, as both major benchmarks reached two-weeks highs.
Prices have risen again after US crude stocks unexpectedly dropped last week, alongside rising air travel demand and easing Covid-19 restrictions.
API data reportedly revealed U.S. crude stocks declined by 2.5 million barrels for the week to November 5.
This defied analyst expectations of a 2.1 million build-up in crude stocks during the same period.
The rebound follows the oil price rally stalling in late October.
Global oil inventories have also tightened supplies over the past several months.
Requests from US President Joe Biden to increase global oil supply last week fells on deaf ears, with OPEC+ committing only to 400,000 barrels per month until the end of 2022
Biden is now considering whether to release oil from the Strategic Petroleum Reserve amid concern over recent soaring gasoline prices.