Oil prices increase as U.S. crude inventories drop
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E-mail Xinhua, August 29, 2019
NEW YORK, Aug. 28 (Xinhua) -- Oil prices rose on Wednesday after data showed a steep drop in U.S. crude oil inventories.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 10.0 million barrels during the week ending Aug. 23 from the previous week, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
At 427.8 million barrels, U.S. crude oil inventories were at the five-year average for this time of year.
"The huge weekly drawdown in U.S. crude stocks clearly soothed some of the near-term fears surrounding softer demand," said Kieran Clancy, assistant commodities economist at Capital Economics, in a note.
"But our forecast for a slowdown in the U.S. economy suggests demand will suffer further ahead," Clancy added.
The West Texas Intermediate (WTI) for October delivery increased 0.85 U.S. dollar to settle at 55.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 0.98 dollar to close at 60.49 dollars a barrel on the London ICE Futures Exchange. Enditem
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