U.S. Crude Oil Inventories Decline, Pushing Prices Higher
Oil prices rise as U.S. crude and fuel inventories drop more than anticipated amidst economic concerns.
Oil prices rose by 2% following the release of U.S. government data that indicated a greater-than-expected decline in crude and fuel inventories.
The uptick in prices comes amid investor concerns over a potential slowdown in the U.S. economy and the broader implications of tariffs on global economic growth.
Futures contracts for Brent crude rose by $1.33, or 1.9%, reaching $70.89 per barrel during trading.
Meanwhile, West Texas Intermediate (WTI) futures increased by $1.45, or 2.2%, to $67.70 per barrel.
According to the data, U.S. crude inventories increased by 1.4 million barrels in the previous week, a figure significantly lower than the expected rise of 2 million barrels.
Additionally, U.S. gasoline stocks fell by 5.7 million barrels, contrasting with projections of a 1.9 million barrel decrease.
Distillate stocks also declined more than anticipated, further contributing to the fluctuation in oil prices.
The uptick in prices comes amid investor concerns over a potential slowdown in the U.S. economy and the broader implications of tariffs on global economic growth.
Futures contracts for Brent crude rose by $1.33, or 1.9%, reaching $70.89 per barrel during trading.
Meanwhile, West Texas Intermediate (WTI) futures increased by $1.45, or 2.2%, to $67.70 per barrel.
According to the data, U.S. crude inventories increased by 1.4 million barrels in the previous week, a figure significantly lower than the expected rise of 2 million barrels.
Additionally, U.S. gasoline stocks fell by 5.7 million barrels, contrasting with projections of a 1.9 million barrel decrease.
Distillate stocks also declined more than anticipated, further contributing to the fluctuation in oil prices.
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