Oil prices climb as U.S. inventories drop

Oil prices climb as U.S. inventories drop
# 27 May 2021 04:39 (UTC +04:00)

Oil prices moved higher on Wednesday after data showed a decline in U.S. crude stockpiles, APA reports citing Xinhua.

The West Texas Intermediate for July delivery added 14 cents to settle at 66.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 22 cents to close at 68.87 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 1.7 million barrels during the week ending May 21, the U.S. Energy Information Administration said in a report on Wednesday.

At 484.3 million barrels, U.S. crude oil inventories were about 2 percent below the five-year average for this time of year.

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