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Substantial fall in oil stocks drives prices up

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US crude stocks fell by 11-million barrels to 449-million in the week to July 19, the API reported

The Philadelphia Energy Solutions oil refinery. Picture: REUTERS / LAILA KEARNEYOil prices nudged higher on Wednesday, supported by a sharp fall in US crude stocks and tensions over Iran.

US crude stocks fell more than expected in the week to July 19, falling 11-million barrels to 449-million, the American Petroleum Institute said on Tuesday.API data showed petrol stocks rose by 4.4-million barrels.“It is back to fundamentals, at least for today, as geopolitical tensions take a back seat to the release of weekly US oil inventories data,” Harry Tchilinguirian, global oil strategist at BNP Paribas, told the Reuters Global Oil Forum.

A US Navy ship took defensive action against a second Iranian drone in the Strait of Hormuz last week, but did not see the drone go into the water, the US military said on Tuesday. Also fuelling tension, Britain gained initial support from France, Italy and Denmark for its plan for a European-led naval mission to ensure safe shipping through the Strait of Hormuz, following Iran's capture of a British-flagged tanker.

 

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