Global oil prices rose on Wednesday afternoon in anticipation of U.S. Department of Energy data on inventories in the country last week, according to trading data. Will oil prices rise even more in 2022?

October futures on Brent gained 1.03% to $101.25 per barrel and October futures on WTI grew 1.02% to $94.7. In the morning, oil was 0.3-0.5% cheaper.

Why did oil prices rise today? 

Ole Hansen, Saxo Bank Chief Commodity Strategist, told Bloomberg that the words of Saudi Arabia’s Energy Minister about possible OPEC+ production cuts gave a necessary boost to the oil markets, pushing the commodity prices up 4% on Tuesday.

Hansen noted that on Wednesday, additional support was provided by American Petroleum Institute (API) data, according to which the U.S. commercial oil stockpiles fell by 5.6 million barrels during the previous week.

The official statistics of the U.S. Energy Department on commercial oil reserves will be published later in the evening. Analysts expect a 0.9 million barrel decline in inventories.

Earlier we reported that Gold is getting cheaper again on dollar strength and expectations around US Federal Reserve policy.