1) U.S. crude inventories fell to lowest level since 2018
Oil prices made another push on Wednesday after U.S. crude inventories fell by nearly 5 million barrels while fuel demand hit a record high amid tightening supply. Yesterday, the international benchmark Brent crude closed 0.9% higher at $91.55 a barrel. The West Texas Intermediate crude (WTI) gained 0.33% to close at $89.66 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week to 410.4 million barrels, the lowest level since October 2018.
2) JPMorgan says oil could reach $120 amid sanction against Russia
JPMorgan is warning a spike in oil prices would likely come as a result of disrupted oil flows from Russia should the U.S. sanction it for hostile activities in Ukraine. Brent crude could easily reach $120 a barrel.
Russia is one of the top three oil producers in the world, producing roughly 11 million barrels of crude oil per day.
3) US and Canada confirm H5N1 cases in specific states
The U.S. Department of Agriculture (USDA) reported an outbreak of highly pathogenic avian flu in a turkey flock in Indiana. The department said that the strain of this virus was H5N1 and it was the state’s first case of highly pathogenic bird flu in commercial poultry since 2016. Canada also confirmed a case of H5N1 bird flu in a commercial poultry flock in Nova Scotia as well.
