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Oil prices gain on US stockpiles report LONDON: Global oil prices rose further on Thursday as falling US crude stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in July rose $1.72 to $60.70 a barrel.Brent North Sea crude for July gained $1.59 to stand at $66.62 a barrel in late afternoon deals in London."Prices are continuing their recovery, receiving tailwind from the inventory data published by the US Department of Energy (DoE) yesterday," said Commerzbank analyst Carsten Fritsch.Crude futures had rallied on Wednesday after the latest official US crude stockpiles report, rebounding from sharp falls a day earlier. The DoE said supplies of commercial crude, excluding strategic petroleum reserves, fell 2.7 million barrels in the week ending May 15.That was significantly more than the 1.75 million-barrel decline projected by Bloomberg News. "Official inventory data continued to offer support for additional (price) moves on ...
Oil prices gain on US stockpiles report LONDON: Global oil prices rose further on Thursday as falling US crude stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in July rose 56 cents to $59.54 a barrel.Brent North Sea crude for July gained 64 cents to stand at $65.67 a barrel in late morning deals in London."Prices are continuing their recovery, receiving tailwind from the inventory data published by ...
Oil prices rebound from steep dive LONDON: Oil prices rebounded Wednesday, recovering from recent steep losses in the previous session, in a muted response to news of falling US crude stockpiles.US benchmark West Texas Intermediate (WTI) for delivery in July rose 90 cents to $58.89 a barrel.Brent North Sea crude for July gained 95 cents to stand at $64.94 a barrel in London early afternoon deals."Crude oil showed an overall muted initial reaction to the (US) supply data," Forex.com analyst Fawad ...
Oil rises towards $66 on US inventory drop, Iraq LONDON: Oil rose towards $66 a barrel on Thursday, gaining for a second day, supported by expectations that a global supply glut is starting to ease and by fighting in Iraq.The U.S. government's supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight.Brent crude was up 80 cents at $65.83 as of 0937 GMT, after ...
Oil prices rise as US crude stocks fall LONDON: Crude oil prices bounced back on Wednesday from steep falls in the previous session as government data showed that U.S. crude stocks fell last week for the third straight week.U.S. crude inventories fell by 2.67 million barrels to 482.17 million barrels last week, the Energy Information Administration said on Wednesday. Industry group, the American Petroleum Institute (API), had forecast on Tuesday a fall of 5.2 million barrels.Stocks in the key delivery point of Cushing, ...

 





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