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Oil Gains as Inventory Build Eases Recession Concerns


Wednesday, 28 August 2019 09:07 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices rose on Wednesday, with U.S. crude gaining 1% after an inventory report showed U.S. stockpiles fell more than expected, helping ease worries about economic growth from the Sino-U.S. trade war.

Brent crude was up by 41 cents, or 0.7%, at $59.92 a barrel by 0121 GMT. West Texas intermediate crude was up by 57 cents, or 1.0%, at $55.50 a barrel.

U.S. crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million barrel draw, data from industry group, the American Petroleum Institute (API), showed.

The U.S. government's weekly report is due to be released Wednesday morning and if official numbers confirm the API data then it will be the biggest weekly decline in nine weeks.

Source : Reuters


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