29-08-2018 04:40 PM

Crude price moved on Wednesday regardless of data which revealed on unpredicted gain in U.S crude inventories. Non-OPEC supply outages are at a 15-month high.

Oil prices moved up on Wednesday regardless of data which revealed an unpredicted gain in U.S. crude inventories.

The American Petroleum Institute (API) reported on Tuesday that crude oil inventories climbed by 38,000 barrels to 405.7 million barrels in the week to Aug 24.

In the interim, traders also measured the force of the upcoming U.S. sanctions against Iran, which will commence from November while many crude buyers have by now limited orders from the OPEC's third-biggest producer.

In another place, Venezuelan state-run oil company PDVSA said on Tuesday that it agreed a $430 million investment to raise output by 640,000 bpd at 14 oil fields, although some experts are doubtful if this investment would go through.

Currently, non-OPEC supply outages are at a 15-month high of 730,000 barrels per day. On the other hand, nearly half of these volumes are in the development of being restored.

The Energy Information Administration (EIA) will publish its Official U.S. fuel inventory and crude production data later on today.