News Formal

Oil prices rise on bigger than expected drop in U.S. crude stocks

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 20 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 92%

Energy News

Oilprice

Brent futures rose 41 cents to $85.49 a barrel by 0819 GMT, while U.S. West Texas Intermediate crude was up 69 cents to $83.54

Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world’s largest oil consumer.

“Healthy demand signals from the U.S. outweigh concerns from modest Chinese growth last week,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. Federal Reserve officials said on Wednesday that the U.S. central bank is closer to cutting rates given inflation’s improved trajectory and a labour market in better balance, possibly setting the stage for a reduction in September.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil price news: Oil holds above US$85 a barrel as market gears up for U.S. dataOil rose as traders turned their attention to U.S. inventories data due later today.
Source: BNNBloomberg - 🏆 83. / 50 Read more »