Oil prices close higher after comments from the Biden administration

Oil prices closed higher on Wednesday, reversing course after the Biden administration said it would not invite US producers to raise their crude production, and that its push to increase OPEC production was a long-term plan.

The market was also supported by a government report showing that crude stocks in the United States fell last week, shifting the focus away from the production of the Organization of the Petroleum Exporting Countries.
The global benchmark Brent crude contracts ended the trading session up 81 cents, or 1.15 percent, to settle at $71.44.

And it continued to rise in post-settlement trading, reaching $71.72. This increase followed a 2.3 percent gain in Tuesday’s session.

US benchmark West Texas Intermediate crude contracts closed up 96 cents, or 1.41 percent, to settle at $69.25 a barrel, after a 2.7 percent jump in the previous session.