Oil settles higher on large drop in US stockpiles


Brent crude futures rose 52 cents, or 0.8%, to settle at US$64.92 a barrel, while US West Texas Intermediate crude futures gained 33 cents, or 0.6%, to close at US$60.48.

NEW YORK: Oil prices rose on Wednesday after data showed US crude and fuel inventories drew down more than expected last week, and as US President Donald Trump's optimistic tone over upcoming talks with his Chinese counterpart helped ease economic jitters.

Brent crude futures rose 52 cents, or 0.8%, to settle at US$64.92 a barrel, while US West Texas Intermediate crude futures gained 33 cents, or 0.6%, to close at US$60.48.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Sunway Construction unit secures work orders valued at RM386mil from US-based tech firm
Sunway Healthcare said to gauge interest for IPO in January
Ringgit hits near six-year high at 4.07 vs greenback
Bursa Malaysia's key index rises 1.15% on firmer regional markets
Sunview's indirect subsidiary inks 21-year PPA with TNB
Perdana Petroleum unit secures two contracts for provision of vessels
Protasco unit inks interim agreement for maintenance of Federal roads
SumiSaujana unit inks MOU to explore development of acid gas facility in Indonesia
MyNews' new store openings bolster 4Q profit
Malakoff subsidiary inks 21-year PPA with TNB

Others Also Read