News Formal

Oil climbs as data shows a decline in US stocks

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 63%

South Africa News News

Industry data show a larger-than-expected drop in US crude inventories

Singapore — Brent crude oil futures rose above $60 a barrel for the first time in over a week on Wednesday after a data report showed a larger-than-expected drop in US crude inventories, but worries about a possible global recession capped gains.

Inventory numbers from the government’s Energy Information Administration are due at 2.40pm GMT on Wednesday, and will be more closely watched than usual given the nearing of the end of peak US driving season, analysts said. Oil prices were also buoyed by data showing lower exports in June from Saudi Arabia, the world’s top oil exporter.

 

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:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Oil climbs as data shows a decline in US stocksIndustry data show a larger-than-expected drop in US crude inventories
Source: BDliveSA - 🏆 12. / 63 Read more »

US tech industry leaders warn France on digital service taxGoogle, Facebook, Amazon.com and major trade associations tell US hearing France’s new levy undermines the global tax regime
Source: BDliveSA - 🏆 12. / 63 Read more »

US tech industry leaders warn France on digital service taxMajor tech firms and US tech industry groups said on Monday that France’s new digital services tax undermines the global tax regime
Source: BDliveSA - 🏆 12. / 63 Read more »