Energy
0

Crude Prices Edge Up on Lower US Inventories

Crude Prices Edge Up on Lower US InventoriesCrude Prices Edge Up on Lower US Inventories

Oil prices edged up on Wednesday, lifted by a reported fall in US crude inventories and the ongoing risk of supply disruptions.

Brent crude oil futures reached $71.90 per barrel, up 32 cents, or 0.5%, from their last close, CNBC reported.

US West Texas Intermediate crude futures were up 33 cents, or 0.5%, at $66.85 a barrel.

In the United States, crude inventories fell by 1 million barrels last week, to 428 million barrels, according to a weekly report by the American Petroleum Institute on Tuesday.

Outside the United States, oil markets have been receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East and falling output as a result of political and economic crises in Venezuela.

"Oil prices are holding near three-year highs (reached earlier in April) for the time being, and with inventories back in line with normal levels, the supply glut of the last few years appears to be over," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

 

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com