Oil prices rise as US inventories drop
20 Oct 2022 10:30am
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The West Texas Intermediate for November delivery increased US$2.73, or 3.3 per cent, to settle at US$85.55 a barrel on the New York Mercantile Exchange.
Brent crude for December delivery added US$2.38, or 2.6 per cent, to close at US$92.41 dollars a barrel on the London ICE Futures Exchange.
The advance came after data showed a decline in US crude stockpiles.
The US Energy Information Administration (EIA) reported Wednesday that the nation's commercial crude oil inventories decreased by 1.7 million barrels during the week ending Oct 14.
Analysts polled by S&P Global Commodity Insights had estimated a fall of 1.2 million barrels in US crude supplies.
According to the EIA, total motor gasoline inventories decreased by 0.1 million barrels last week, while distillate fuel inventories increased by 0.1 million barrels. - BERNAMA
