Oil prices rise with decline in U.S. oil stock data

Oil prices rise with decline in U.S. oil stock data

WAAR_DUHOK

 

Global oil prices rose on Wednesday after unofficial data showed a larger-than-expected drop in U.S. oil inventories.

International benchmark Brent crude was trading at $65.07 per barrel at 0640 GMT with a 0.46% increase after it ended the previous session at $64.77 a barrel.

American benchmark West Texas Intermediate was at $58.75 a barrel for a 0.66% rise at the same time after closing Tuesday at $58.36 per barrel.

U.S. crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, against expectations of a 3.1 million barrel decrease, according to American Petroleum Institute data.

Official figures from the Energy Information Administration are due later on Wednesday.

Meanwhile, the trade conflict between the U.S. and China remains unresolved and continues to weaken global oil demand.

Tension between the U.S. and Iran continues to threaten secure crude supply from the Strait of Hormuz — the world’s largest oil transit chokepoint.

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