16 July
Oil prices rise following release of US inventories data
As reported by Reuters, oil prices edged up in early trading on Thursday on a drop in US fuel inventories and an escalation of tensions in the Middle East.
Brent and WTI prices settled up 0,57% and 0,51%, respectively, due to a higher-than-expected drawdown in US distillate inventories. They fell by 2.8 million barrels, according to the US Energy Information Administration. Experts surveyed by the agency had forecasted a 300,000-barrel drop.
Meanwhile, US oil inventories surged by 1.7 million barrels, exceeding the 512,000-barrel increase expected by respondents, Reuters notes.
According to the Wall Street Journal, Chevron asked the administration of US President Donald Trump for a 60-day extension of the license to pump oil in Venezuela.
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