A Slight Increase In Oil Prices Due To A Smaller-Than-Expected Increase In US Crude Inventories
Thursday 07, March 2024 09:06 | Economical Number of readings: 351
Baghdad / NINA / Oil prices rose about 1% due to a smaller-than-expected increase in US crude inventories and a decrease in distillate and gasoline inventories.
Brent crude futures rose 92 cents, or 1.1%, to $82.96 per barrel upon settlement, bringing Brent rose for the first time in five days.
US West Texas Intermediate crude futures also increased 98 cents, or 1.3%, to $79.13 per barrel.
The US Energy Information Administration said that crude inventories rose by 1.4 million barrels to 448.5 million in the week ending March 1, compared to analysts’ expectations in a Reuters poll for an increase of 2.1 million.
She indicated that gasoline stocks decreased by 4.5 million barrels to 239.7 million, compared to analysts’ expectations of a decrease of 1.6 million./ End
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