Oil exchange traded funds (ETFs) were higher Wednesday following a weekly supply report and news that Kuwait was temporarily halting oil exports due to sandstorms.
A report from the U.S. government Wednesday showed inventories of the motor fuel plunged the most in 12 years, Bloomberg reported.
Crude futures traded above $107 a barrel Wednesday on Kuwait’s decision to temporarily suspend crude exports because of sandstorms, the Associated Press reported.
Oil prices fell earlier this week with the pressure of Goldman Sachs bearish research notes and economic worries injuring the commodity. [Oil ETF Down 7% This Week.]
Oil prices tumbled for a second day Tuesday following a Goldman Sachs forecast calling for a fall of almost $20 in the price of Brent crude oil in coming month, while demand may drop off as prices remain high for now, says Caroline Valetkevitch for Reuters.