NEW YORK – Oil prices climbed yesterday after data showed a marked drop in US crude stockpiles, reported Xinhua.
The West Texas Intermediate for September delivery increased US$1.58 (RM7.04), or 1.8%, to settle at US$88.11 per barrel on the New York Mercantile Exchange. Brent crude for October delivery rose US$1.31, or 1.4%, to close at US$93.65 a barrel on the London ICE Futures Exchange.
The US Energy Information Administration (EIA) reported yesterday that the nation’s crude oil inventories decreased by 7.1 million barrels during the week ending August 12.
Analysts polled by S&P Global Commodity Insights had expected a fall of 1.7 million barrels in US 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. – Bernama, August 18, 2022
