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Oil Prices as US inventories fell more than expected

Category: Economy

Date: 2020-08-12T06:50:31+0000
Oil Prices as US inventories fell more than expected

Shafaq News/ Oil prices moved higher, on Wednesday, after an industry report showed that US inventories of crude fell more than analysts had expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the COVID-19 pandemic, Reuters reported.

 

Brent crude LCOc1 was up 15 cents, or 0.3%, at $44.65 a barrel by 0206 GMT, after falling around 1% on Tuesday.

 

While West Texas Intermediate oil was up 9 cents, or 0.2%, at $41.70 a barrel, having dropped 0.8% in the previous session.

 

The American Petroleum Institute said, on Tuesday, that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of a 2.9 million-barrel draw. Official government data is due on Wednesday.

 

Still, growing uncertainty over a stalemate in Washington in talks for a stimulus package to support recovery from the deepest impact of the pandemic may weigh on prices looking ahead.

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