Oil prices rise as U.S. inventories tumble

NEW YORK, Aug. 17 (Xinhua) -- Oil prices climbed on Wednesday after data showed a marked drop in U.S. crude stockpiles.

The West Texas Intermediate for September delivery added 1.58 U.S. dollars, or 1.8 percent, to settle at 88.11 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 1.31 dollars, or 1.4 percent, to close at 93.65 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories decreased by 7.1 million barrels during the week ending Aug. 12. Analysts polled by S&P Global Commodity Insights had expected a fall of 1.7 million barrels in U.S. crude stocks.

The EIA publication also showed that total motor gasoline inventories fell by 4.6 million barrels last week, while distillate fuel inventories increased by 0.8 million barrels.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Cultural ministers pledge more action to return priceless artifacts
Latvia goes to polls amid growing rift between Latvian majority and Russian minority
Cuba requests U.S. aid after Hurricane Ian knocks out power -WSJ
Dow sinks 500 points following hot U.S. inflation report
North Korea fires ballistic missile, marking fourth in a week
U.S.-listed Chinese firms trade flat
Chinese businesses in EU manage to grow despite sentiment drop: report
Oil prices drop as demand worries prevail
U.S. agricultural futures close mixed
U.S. Congress approves stopgap funding bill ahead of gov't shutdown deadline

Others Also Read