Oil prices rose on Wednesday after a reported sharp drop in U.S. crude stocks as...
LONDON - Oil prices rose on Wednesday after a reported sharp drop in U.S. crude stocks as OPEC member Iraq said the producer group will discuss whether to deepen output cuts.
Brent crude futures LCOc1 gained 74 cents, or 1.25%, to $63.12 a barrel by 0857 GMT, while West Texas Intermediate futures CLc1 were up 81 cents, or 1.4%, at $58.21 a barrel. Prices rose earlier this week after Prince Abdulaziz bin Salman, Saudi Arabia’s new energy minister, said oil policy would not change and a deal with other producers to cut output by 1.2 million barrels per day would be maintained.
Prices rebounded earlier after data from the American Petroleum Institute late on Tuesday showed U.S. crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.“The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand,” Dutch bank ING said in a note.
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.
'Expect some volatility' in oil price as US output flows back, IHS Markit's Yergin saysA glut of U.S. shale oil and lackluster demand will create volatility for oil markets, according to Dan Yergin, IHS Markit's vice chairman.
Read more »
UK accuses Iran of breaking deal with oil transfer to Syria – Gulf tensions'This sale of oil to brutal [Syrian] regime is part of a pattern of behaviour by the Government of Iran designed to disrupt regional security,' British Foreign Minister Dominic Raab says.
Read more »
Oil Prices Sink After Trump Ousts John BoltonU.S. oil prices fell by about a $1 a barrel when President Trump announced the resignation of national security adviser John Bolton, a policy hawk whose exit, analysts said, could lead to a greater global supply of crude.
Read more »
Oil prices rise after data shows big drop in U.S. inventoriesOil prices rose on Wednesday after an industry report showed that crude stockpil...
Read more »
Oil prices gain after bigger-than-expected fall in U.S. stockpilesOil prices traded higher on Wednesday after an industry report said U.S. crude s...
Read more »
Oil rises for fifth day on expectations of extended output cutsOil futures rose slightly on Tuesday to their highest levels in almost six weeks...
Read more »