Report

rss

Iraq News

Kurdistan

Economy

World

All News

Oil prices rise as US crude inventory drop

Category: Economy

Date: 2020-07-29T21:08:05+0000
Oil prices rise as US crude inventory drop

Shafaq News/ Oil prices rose, on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check, Reuters reported. 


Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.


U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, the largest drawdown since December. 


Net U.S. crude imports fell 1 million barrels per day to 1.9 million BPD, the EIA said.


The fall in crude stocks was likely a result of supply cuts, agreed in April by the Organization of the Petroleum Exporting Countries and its allies, finally being realized.


"The expectation is that the OPEC cuts are going to lead to bigger draws in the United States and this could be the beginning of it", said Phil Flynn, senior analyst at Price Futures Group in Chicago.



related

Oil prices slip on hot U.S. inflation concerns, set for weekly fall

Date: 2022-02-11 08:09:20
Oil prices slip on hot U.S. inflation concerns, set for weekly fall

Oil hovers above six-week low as China readies crude reserve release

Date: 2021-11-19 06:18:29
Oil hovers above six-week low as China readies crude reserve release

Oil prices edge down as investors weigh rising supplies, demand outlook

Date: 2021-04-09 08:33:15
Oil prices edge down as investors weigh rising supplies, demand outlook

Oil extends gains as supply concerns trump China lockdowns

Date: 2022-04-29 08:40:03
Oil extends gains as supply concerns trump China lockdowns

Oil's losing streak hits six days, benchmarks touch May lows

Date: 2021-08-20 07:17:00
Oil's losing streak hits six days, benchmarks touch May lows

The nuclear deal will not affect oil prices, expert says

Date: 2022-02-08 11:48:57
The nuclear deal will not affect oil prices, expert says

Oil prices climbed to their highest in months

Date: 2021-02-15 06:39:00
Oil prices climbed to their highest in months

Oil prices of OPEC Members

Date: 2021-08-03 10:14:53
Oil prices of OPEC Members