Prices for Brent oil rose above $60 a barrel for the first time in over a week o...
SINGAPORE - Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains.
Brent crude LCOc1 had risen 13 cents, or 0.2%, to $60.16 a barrel by 0136 GMT, after settling 0.5% higher on Tuesday.U.S. crude oil stocks fell by 3.5 million barrels to 439.8 million in the week to Aug. 16, data from industry group the American Petroleum Institute showed on Tuesday. Analysts polled by Reuters had expected a decrease of 1.9 million barrels.
“U.S. inventory data this week will again be a more critical catalyst than usual given that we are nearing the end of peak U.S. driving season,” Stephen Innes, managing partner, VM Markets, said in a note. Crude prices were also buoyed by official data showing lower exports in June from Saudi Arabia, the world’s top oil exporter.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 5 Things We’re Buying This Week Under $60From the latest fashion and beauty launches to everything else we’re coveting this week, all handpicked by our commerce editor, Bianca Nieves.
Read more »
Brent Montgomery’s Wheelhouse Group Names General Counsel Rob Lia As PresidentEXCLUSIVE: Brent Montgomery has named his longtime general counsel and business advisor Rob Lia as President of Wheelhouse Group. Lia will oversee the nascent company’s expanding operations across …
Read more »
Brent Cobb Sings ‘Providence Canyon’ at the Georgia Park That Inspired ItWatch Brent Cobb sing “Providence Canyon” in the stunning state park that inspired it, in the final installment of his ‘Come Home Soon’ video series
Read more »
Baidu has lost over $60 billion in value since its peak — now earnings are expected to fall furtherBaidu is gearing up to release its second-quarter earnings on Monday with the market expecting a sharp decline in profit.
Read more »
U.S. Stocks, Bond Yields Rise to Start the WeekShares of companies that have reeled on escalating trade tensions jumped Monday after U.S. officials said that the White House was laying the groundwork for a new round of talks with Beijing
Read more »
U.S. crude oil stocks fall 3.5 million barrels: APIU.S. crude stocks fell last week while gasoline inventories decreased and distil...
Read more »