Oil rose 2% after the decline in US inventories

2023-05-24 19:33:15

Oil prices rose 2% today, Wednesday, after data showed a sudden decline in US oil inventories, in addition to increasing speculation about new production cuts by the “OPEC +” alliance.

Sharjah 24 – Archyde.com:

Oil prices rose 2% today, Wednesday, after data showed a sudden decline in US oil inventories, in addition to increasing speculation about new production cuts by the “OPEC +” alliance.

Brent crude futures rose $1.40, or 1.8%, to $78.24 a barrel by 14:51 GMT, while US West Texas Intermediate crude rose $1.48, or 2%, to $74.39 a barrel.

And the Energy Information Administration announced that US crude oil inventories recorded an unexpectedly large decline of 12.5 million barrels last week, to 455.2 million barrels.

Analysts had expected stocks to rise by 800,000 barrels.

Fuel stocks also declined, as the administration revealed that US gasoline stocks fell by 2.1 million barrels, during the past week, to 216.3 million barrels, while distillate stocks fell by 600,000 barrels, to 105.7 million barrels.

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