Oil prices rise as US crude inventories fall
Crude stock fell by 4.1-million barrels in the week to June 8, exceeding analysts’ expectations for a decrease of 2.7-million barrels
New York — Oil prices edged higher on Wednesday, turning positive after US government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in petrol and distillate stocks. Earlier in the session, Brent and US crude had retreated on concerns about rising production in the US and expectations that oil cartel Opec and other producers could relax voluntary output cuts. Brent crude was up 53 US cents at $76.41 a barrel by 3.52pm GMT). US light crude was up 10c at $66.46 a barrel. US crude stocks fell more than expected last week, while petrol and distillate inventories dropped, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.1-million barrels in the week to June 8, exceeding analysts’ expectations for a decrease of 2.7-million barrels. US estimated petrol demand hit a record high of 9.88-million barrels per day in the week, the data said. "The demand metrics here are amazing for crude oil and gaso...
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