Oil rises after US crude inventories data

Economies.com
2020-07-01 17:54PM UTC

Oil prices rose on Wednesday, to extend gains after the US crude inventories fell more than expected.

 

The US Energy Information Administration (EIA) showed today that the US crude inventories fell 7.2 million barrels during the past week, beating forecasts of a drop by 2.7 million barrels.

 

While the American Petroleum Institute (API) revealed yesterday in preliminary data the US crude inventories fell 8.1 million barrels.

 

The dollar index fell against a basket of currencies by 0.3% to 97.1 points as of 17:42 GMT, after it hit a high of 97.6 and a low of 97.03.

 

As of 17:35 GMT, West Texas Intermediate crude rose 1% to $39.6 a barrel, after it hit an intraday high of $40.5 and a low of $39.05.

 

Brent rose 1.8% to $42 a barrel, with a high of $42.6 and a low of $41.03.

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