Friday, July 19, 2024
HomeOther'sBusinessOil prices rise amid drop in US inventories

Oil prices rise amid drop in US inventories

Oil prices advanced on Wednesday after data showed a larger-than-expected drop in US crude stockpiles.

The West Texas Intermediate for February delivery added $1.64, or 2.3 percent, to settle at $72.76 a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 1.31 dollars, or 1.8 per cent, to close at 75.29 dollars a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The above market reactions came after the US Energy Information Administration (EIA) on Wednesday said the nation’s crude oil inventories decreased by 4.7 million barrels during the week ending December 17. Analysts surveyed by S&P Global Platts had expected a decline of 3.9 million barrels in US crude supplies.

ALSO READ: Oil prices rise as Iraq pledges to cut output

At 423.6 million barrels, US crude oil inventories are about 8 percent below the five-year average for this time of year.

According to the EIA, total motor gasoline inventories increased by 5.5 million barrels last week, while distillate fuel inventories increased by 0.4 million barrels.

 

 

(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the dependability, trustworthiness, reliability, and data of the text. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)