Oil extends gains after unexpected decline in US stockpiles
Supply worries due to the geopolitical tension over the disappearance of Jamal Khashoggi lift Brent
Tokyo — Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US crude inventories and as geopolitical tension over the disappearance of a prominent Saudi journalist stoked supply worries. US West Texas Intermediate (WTI) crude was up 15c, or 0.2%, at $72.07 a barrel by 2.55am GMT on Wednesday, having settled up 14c. Brent crude was up 12c, or 0.2%, at $81.53 a barrel, after settling up 63c the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3. US crude inventories fell by 2.1-million barrels last week, compared with analyst expectations for a build of 2.2-million barrels, American Petroleum Institute (API) data showed after Tuesday's settlement. “The market is reacting to the unexpected decline as inventories tend to rise at this time of year,” said Tomomichi Akuta, senior economist at...
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