On Wednesday, crude grew as the greenback trimmed revenues and a speech by Donald Trump offered little on plans by his administration to spur American crude output.
The market is being backed by OPEC’s output cuts, while ascending American shale crude output is keeping a lid on prices.
West Texas Intermediate crude futures managed to gain 0.2%, hitting $54.12 a barrel, while Brent crude futures inched up 0.3%, trading at $56.66.
Traders had been expecting Trump to provide further details on energy policy his speech to the US Congress. Unfortunately, his remarks lacked any specifics.
American stock futures and the greenback trimmed their revenues on Wednesday as Trump promised immigration as well as tax reforms in a speech, which contained few specifics or surprises.
American stockpiles ascended 2.5 million barrels by February 24. Gasoline stockpiles added suddenly, while distillate stockpiles sagged more than expected.
