Tokyo — Oil prices rose for a second day on Wednesday after industry group data showed US crude inventories fell more than expected last week, easing the concern about oversupply that had dragged on markets in recent sessions. Brent crude was up 54c, or 0.7%, at $73.98 a barrel by 3.18am GMT. The global benchmark settled 38c higher at $73.44 a barrel on Tuesday, after climbing to as high as $74. US West Texas Intermediate rose 24c, or 0.4%, to $68.76, having settled the previous session up 63c, or nearly 1%. US crude and fuel stockpiles dropped more than expected last week, industry group the American Petroleum Institute (API) said on Tuesday. Reports that China will increase infrastructure spending also helped reduce concerns that US-China trade tensions will dent the country’s demand for oil. "Prices are moving higher after the API reported a more massive draw than analysts had expected," said Stephen Innes, Head of Trading, Asia-Pacific at brokerage Oanda. US crude inventories fe...
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.