Oil prices nudge up after API data shows surprise drop in US stocks

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 66%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

SINGAPORE : Oil prices nudged up on Wednesday following two sessions of losses after industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.Brent crude futures rose 23 cents, or 0.3per cent, to $91.01 a barrel by 0122 GMT, while

SINGAPORE : Oil prices nudged up on Wednesday following two sessions of losses after industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.

"Undersupply is the key factor that has pumped up the oil price," said Tina Teng, an analyst at CMC Markets. Brent and WTI slid about 2per cent on Tuesday, down for a second straight session, as Washington resumed indirect talks with Iran to revive a nuclear deal. Such a deal could lift U.S. sanctions on Iranian oil and quickly add supplies to the market, although a number of vital issues still need to be ironed out.

 

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

 /  🏆 6. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines