Oil rises after bigger-than-expected decline in US stocks

Oil pumps are seen after sunset outside Vaudoy-en-Brie, near Paris, France. Picture: REUTERS/CHRISTIAN HARTMANN

The US and global benchmarks have gained in 2019 as Opec and big producers such as Russia have honoured commitments to cut output. Crude inventories fell by 8.1-million barrels in the week to July 5 to 461.4-million, compared with analyst expectations for a decrease of 3.1-million barrels, according to the data.

Oil prices have been under pressure from concerns about global economic growth amid increasing signs of harm from the US-China trade war that has rumbled on over the last year. Lower economic growth typically means reduced demand for commodities such as oil.

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