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Crude Oil Prices Rise, Shrugging off Bearish Crude Inventory Data


Thursday, 4 July 2019 03:13 WIB

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Crude oil prices rose on Wednesday, even as a lower-than-expected draw in U.S. oil inventories added to fears of a looming glut in global supplies.

On the New York Mercantile Exchange crude futures rose $1.09, or 1.94% to settle at $57.34 a barrel, while on London's Intercontinental Exchange, Brent settled up $1.42, or 2.3%, to $63.82 a barrel.

A report from the Energy Information Administration (EIA) showed crude stockpiles fell 1.1. million barrels in the week ended June 28, below expectations of a draw of about 2.96 million barrels.

Gasoline inventories fell by roughly 1.58 million barrels against expectations of a draw of 2.17 million barrels, while distillate stockpiles unexpectedly rose by 1.58 million barrels, compared to expectations of a decline of 2.16 million barrels.

The less-than-expected draw in crude stockpiles was blamed on a rebound in crude imports, stoking concerns that supplies could enter a surplus amid fears of slowing oil-demand growth.

Source : Investing.com


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