Oil Rises After A Decline In Us Inventories
Economy | 08:39 - 04/24/2024 Mawazine News – Baghdad Oil prices rose in early trading, today, Wednesday, continuing their gains in the previous session after industry data showed a sudden decline in US crude inventories last week, in an indicator... Demand increased and attention shifted away from hostilities in the Middle East.
Brent crude oil futures rose nine cents, equivalent to 0.1 percent, to $88.51 per barrel by 00:31 GMT. US West Texas Intermediate crude futures also increased. Ten cents, or 0.11 percent, to $83.45 per barrel. According to reports seen by Al-Naeem News.
Market sources, citing figures from the American Petroleum Institute, reported that US crude inventories fell by 3.237 million barrels in the week ending April 19. In contrast, six analysts polled expected... Reuters reported an increase of 800 thousand barrels.
Traders are awaiting official US data on oil inventories and products scheduled to be released at 10:30 am US time. United States (1430 GMT) to confirm the significant decline in inventories.
Meanwhile, expectations are growing that the UK and EU will cut. Interest rates in June, which may help support economic growth, thus increasing demand for oil.
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