Oil prices rise after big drawdown in US crude stocks allays demand concerns
Oil prices rose on Wednesday as a large drop in US crude oil stocks helped offset demand concerns.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.13 per cent higher at $83.97 a barrel at 10.57am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.86 per cent at $78.87 a barrel.
US crude oil inventories fell by about 7.8 million barrels last week, sources said, citing data from the American Petroleum Institute.
Oil prices rose on Wednesday as a large drop in US crude oil stocks helped offset demand concerns.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.13 per cent higher at $83.97 a barrel at 10.57am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.86 per cent at $78.87 a barrel.
US crude oil inventories fell by about 7.8 million barrels last week, sources said, citing data from the American Petroleum Institute.
Oil prices rose on Wednesday as a large drop in US crude oil stocks helped offset demand concerns.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.13 per cent higher at $83.97 a barrel at 10.57am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.86 per cent at $78.87 a barrel.
US crude oil inventories fell by about 7.8 million barrels last week, sources said, citing data from the American Petroleum Institute.
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Oil prices rise after big drawdown in US crude stocks allays demand concerns
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