Oil Prices Hold Gains After Biggest Drop In US Stockpiles In Two Months
West Texas Intermediate traded near $63 a barrel after rising more than 1% on Wednesday. Brent closed below $67.
Oil held a gain after US crude stockpiles shrunk the most since mid-June, keeping inventories well below the seasonal average.
West Texas Intermediate traded near $63 a barrel after rising more than 1% on Wednesday. Brent closed below $67. Nationwide holdings dropped by 6 million barrels last week, according to the Energy Information Administration. Gasoline stockpiles also declined for a fifth straight week.
Oil is still down more than 10% this year on concerns about the fallout from US trade policies and as OPEC+ returns idled production, raising expectations for a glut once peak summer demand ends. Traders are also keeping an eye on progress toward a ceasefire for the war in Ukraine.
Prices:
WTI for October delivery gained 0.3% to $62.88 a barrel at 7:42 a.m. in Singapore.
Brent for October settlement closed 1.6% higher at $66.84 a barrel on Wednesday.
