FOX Business contributor Phil Flynn examines why Biden is exporting oil as gas prices rise on ‘The Evening Edit.’
Oil prices added to gains on Wednesday morning as prices settled in the Tuesday session 3% higher than Monday.
U.S. West Texas Intermediate crude futures rose 39 cents or 0.3%, to $102.06 a barrel. Brent futures rose 63 cents, or 0.6%, to $105.62 a barrel.
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)
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Tuesday’s session was torn between supply and demand concerns over Russian oil and gas disruption and a worsening global economic outlook, according to Reuters.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Russia’s Gazprom told Poland and Bulgaria it will halt gas supplies Wednesday, in a major escalation of Russia’s broader row with the West over its invasion of Ukraine.
Industry data on Tuesday showed U.S. crude and distillate stocks rose last week while gasoline inventories fell.
U.S. government data on crude inventories is due later on Wednesday.
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The International Monetary Fund (IMF) warned on Tuesday that Asia faces a “stagflationary” outlook with the Ukraine war, a spike in commodity costs and a slowdown in China creating significant uncertainty.
