Oil prices rise on decline in US inventories and the risk of supply disruptions
London — Oil prices rose on Wednesday, lifted by a reported decline in US crude inventories and the risk of supply disruptions. Brent crude oil futures were up 54c at $72.12 a barrel by 9.41am GMT, while US West Texas Intermediate (WTI) crude futures were up 60c at $67.12. "Yesterday evening saw the API report a surprising decrease in US crude oil stocks and a reduction in oil product stocks that was sharper than anticipated," Commerzbank oil analyst Carsten Fritsch said in a note. US crude inventories fell by 1-million barrels last week to 428-million barrels, the American Petroleum Institute (API) said. Oil cartel Opec’s ministerial committee tasked with monitoring the group’s supply-cutting deal with non-Opec countries, led by Russia, meets in the Saudi city of Jeddah on Friday. Opec and 10 rival producers have restrained output by a joint 1.8-million barrels per day (bpd) since January 2017 and have pledged to do so until the end of this year. "Despite an oil price of more than ...
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.