Global supply tightness Oil prices rose slightly

Oil prices edged higher as
Rigzone reported on April 21 that U.
S.
crude inventories fell sharply, raising traders' concerns about tight global supplies.

West Texas Intermediate crude closed above $102 a barrel on Wednesday after the price fluctuated
between gains and losses.
According to Reuters, German Foreign Minister Baerbock said that Germany plans to stop importing oil from major producers by the end of this year, and natural gas will follow
.
Earlier, the U.
S.
reported an 8.
02 million barrel drop in crude oil inventories last week, the biggest drop since January 2021
.

Earlier this week, though, hawkish comments from the Federal Reserve and the IMF's cut to its growth forecasts left the outlook cloudy
.

Rebecca Babin, senior energy trader at CIBC Private Wealth Management, said: "Price action tells us two things, first, macro traders are currently firmly in control of the oil market
.
Second, the narrative that the spot market is tight is outdated and may not trigger upward momentum in the short term.
"

After the geopolitical crisis, oil prices rose in March to their highest level
since 2008.
Since then, crude oil trading has been volatile
as investors assess the move by the United States and Britain to ban crude imports from major producing countries, as well as the impact of a massive release of strategic reserves.

Fiona Cincotta, senior financial markets analyst at City Index, said: "Oil prices continue to hold above $100 a barrel and may continue to be supported
around here.
" Only if the EU bans oil imports from major producing countries will oil prices really rise again, which seems unlikely at the moment"
.

Price-wise

WTI crude for May delivery, due on Wednesday, rose 19 cents to settle
at $102.
75 a barrel.

The more active June contract rose 14 cents to $102.
19 a barrel
.

Brent crude settled down 45 cents at $106.
80 a barrel in June
.