Oil prices climb as U.S. inventories drop

0 Comment(s)Print E-mail Xinhua, April 8, 2021
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NEW YORK, April 7 (Xinhua) -- Oil prices rose on Wednesday after data showed a decline in U.S. crude stockpiles.

The West Texas Intermediate for May delivery added 44 cents to settle at 59.77 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 42 cents to close at 63.16 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 3.5 million barrels during the week ending April 2, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. IHS Markit had forecast a decline of 700,000 barrels.

At 498.3 million barrels, U.S. crude oil inventories were about 3 percent above the five-year average for this time of year, showed the EIA report.

Oil price have been quite volatile recently as investors weighed supply and demand risks. On Monday, both the U.S. crude futures and Brent futures dropped more than 4 percent. Enditem

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