Oil gains as U.S. crude stocks fall to lowest in over three years

Oil gains as U.S. crude stocks fall to lowest in over three years
  • Clock-gray 19:57
  • calendar-gray 25 July 2018

Oil prices rose about 1 percent on Wednesday after U.S. government data showed domestic crude inventories fell to their lowest since February 2015, easing worries about oversupply that have weighed on markets in recent weeks, APA reports quoting Reuters.

 

Brent crude futures rose 70 cents, or 1 percent, to $74.14 a barrel by 12:41 p.m. EDT (1641 GMT).

 

U.S. West Texas Intermediate (WTI) crude rose $1.06 to $69.58 a barrel, a 1.6 percent gain.

 

U.S. crude inventories fell 6.1 million barrels in the week to July 20, data from the U.S. Energy Information Administration showed, to 404.9 million barrels, their lowest since February 2015. Analysts had expected a decrease of 2.3 million barrels.

Ceyhun Aliyev

Other news