Oil prices rise amid drop in U.S. inventories
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E-mail Xinhua, June 24, 2021
NEW YORK, June 23 (Xinhua) -- Oil prices eked out modest gains on Wednesday after data showed a larger-than-expected drop in U.S. crude stockpiles.
The West Texas Intermediate for August delivery added 23 cents to settle at 73.08 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 38 cents to close at 75.19 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 7.6 million barrels during the week ending June 18, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Analysts polled by S&P Global Platts had expected the EIA publications to show a drop of 6.3 million barrels in U.S. crude supplies.
At 459.1 million barrels, U.S. crude oil inventories were about 6 percent below the five-year average for this time of year. Enditem
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