Oil futures fall ahead of an EIA update on U.S. petroleum supplies

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Oil futures fall ahead of an EIA update on U.S. petroleum supplies
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Oil futures head lower on Wednesday after Poland and NATO reportedly said there was no indication that Russia was behind a missile strike in Poland, easing...

Oil futures headed lower on Wednesday after Poland and NATO reportedly said there was no indication that Russia was behind a missile strike in Poland, easing worries about risks to crude supplies in the region.

Prices for oil in Europe, meanwhile, got a brief boost after reports of a drone strike on an oil tanker off the coast of Oman.Market drivers An “uptick in geopolitical risk” helped drive oil prices higher late Tuesday, following news of a missile strike in Poland, said Stephen Innes, managing partner at SPI Asset Management, in a market update.

Also early Wednesday, oil prices in London briefly saw some support, said Innes, after an oil tanker associated with an Israeli billionaire was struck by bomb-carrying done of the coast of Oman amid heightened tensions with Iran, an official told The Associated Press. The Paris-based agency warned that more than 1 million barrels a day of Russian oil exports will be upended within weeks, with a European ban on Russia crude oil imports and a plan to cap prices for Russian crude-oil sales go into effect. It also raised its global oil demand forecast for this year by 170,000 barrels a day to 99.8 million barrels a day and for next year by 130,000 barrels a day to 101.4 million barrels a day.

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