Oil prices rise as US inventories likely to have fallen on Iraqi tensions
Amsterdam — Oil prices rose on Wednesday as weekly US crude inventories are expected to have fallen steeply and geopolitical tensions around oil-rich Iraq and Iran raised risk premiums. International benchmark Brent crude futures were trading 41c higher at $58.29 a barrel at 10.02am GMT. US West Texas Intermediate (WTI) crude futures traded at $52.03 a barrel, up 15c on the day. Weekly US crude inventories fell by 7.1-million barrels in the week to October 13 to 461.4-million barrels, the American Petroleum Institute said late on Tuesday. Official US fuel inventory data is due later on Wednesday from the government’s Energy Information Administration (EIA). "There are market expectations for a bullish EIA inventory report this afternoon, so Brent is heading towards $60 a barrel again," said Hans van Cleef, senior energy economist at ABN Amro. Oil market investors were also closely following developments in the Middle East, where tensions in northern Iraq were threatening to disrupt ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.