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Oil prices climb after API data shows surprise drop in U.S. stocks

Category: Economy

Date: 2022-02-09T05:38:58+0000
Oil prices climb after API data shows surprise drop in U.S. stocks

Shafaq News / Oil prices climbed on Wednesday after two sessions of losses as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.

Brent crude futures rose 41 cents, or 0.5%, to $91.19 a barrel by 0422 GMT, while U.S. West Texas Intermediate crude was at $89.74 a barrel, up 38 cents, or 0.4%.

"Undersupply is the key factor that has pumped up the oil price," said Tina Teng, an analyst at CMC Markets.

U.S. crude, gasoline and distillate stocks fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. Crude inventories fell 2 million barrels, according to API, versus analysts' expectations of a 400,000-barrel increase.

More data from the U.S. EIA will be available at 10:30 a.m. EST (1530 GMT).

Still, concerns about a possible Iran nuclear deal that could unleash more oil into global markets weighed on prices.

Source: Reuters

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