WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.
Lyondell said the Houston refinery, once the anchor of its supply chain as a regional chemical company, no longer fit with its global petrochemical production.
“Strong exports have been driven by a pull to Europe and we should expect strength in the weeks ahead,” said Matt Smith, lead Americas analyst at Kpler.
The New York Attorney General launched an investigation to determine if the oil and gas industry has engaged in price gouging following testimonies from oil executives in Congress last week.
In an attempt to persuade passing motorists to register with the Republican party, activists gathered at a Chevron station in Orange County, California, blaming the Democratic party for high gas prices.
About 4 million barrels from Middle East suppliers are set to discharge along the U.S. Gulf Coast next month, the highest level in at least 12 years.
Worldwide demand for crude oil was also visible in U.S. exports of crude, which rose to their highest since July 2021, and as refinery utilization rose on the U.S. Gulf Coast hub to its highest level since January 2020.
Russel Hardy, CEO of the world's largest oil trader Vitol, also said on March 22 customers did not want to buy Russian oil.
Chevron Phillips Chemical Co. LP entered a settlement with the Justice Department to resolve allegations that it violated the Clean Air Act and state pollution laws at three of its petrochemical facilities along the Texas Gulf Coast.
U.S. crude stocks in the Strategic Petroleum Reserve (SPR) fell to 577.5 million barrels, the lowest since July 2002.