Fall in US crude stocks pushes oil price up for a fourth day
Tension over the disappearance of Saudi Arabian journalist Jamal Khashoggi also stoking supply worries
London — Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in US crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries. Brent crude was up 40c at $81.81 a barrel by 7.55am GMT, after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low last week as equity markets dropped, is trading about $5 below a four-year high of $86.74 reached on October 3. US light crude oil was up 30c at $72.22. “Numbers from the American Petroleum Institute [API] surprised the market [on Tuesday], with US crude oil inventories declining by 2.13-million barrels over the last week, compared to expectations of a stock build,” ING commodities strategist Warren Patterson said. A Reuters survey ahead of the API data had estimated crude stocks rose about 2.2-million barrels. US petrol stocks dropped a larger-than-expected 3.4-million barrels, while distillate fuel stockpiles decline...
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