Oil prices are recovering after dropping to a two-month low.

The price of oil has increased, reversing a previous two-month decline to a minimum after an industry group reported a decrease in resource stocks in the United States.

According to Reuters.

Brent crude oil futures rose by 20 cents (0.3%) to $73.22 per barrel. Futures for American oil West Texas Intermediate (WTI) increased by 18 cents (0.3%) to $69.11.

Crude oil stocks in the U.S., according to market sources published on Tuesday, February 25, decreased by 640,000 barrels last week. Official data on U.S. stocks is expected to be released on Wednesday.

“If the Energy Information Administration (EIA) confirms this data, it will mark the first reduction in U.S. crude oil stocks since mid-January,” noted ING commodity market analysts.

Analysts surveyed by Reuters predict an increase in U.S. oil stocks by 2.6 million barrels for the past week.

Background. Previously, Mind reported that oil prices fluctuated amid a report on rising stocks in the U.S. The most active April contract rose to $72.31 per barrel.