Oil rises despite US inventories surge, Brent jumps to $72

2019-05-15 17:41:25 GMT (Economies.com)
Oil rises despite US inventories surge, Brent jumps to $72

Oil prices rose during today's trading, to offset earlier losses, despite the larger-than-expected rise in the US crude inventories.

 

The International Energy Agency (IEA) has warned of a drop in the global supply of crude, which could push OPEC and its allies to increase production at the June meeting.

 

The Energy Information Administration (EIA) announced a rise in oil inventories in the United States by about 5.4 million barrels last week, while analysts expected a decline by three million barrels.

 

Markets are still trying to absorb the shock of the mutual tariff increases between the United States and China and its impact on commodities.

 

In terms of trading, by 16:08 GMT, West Texas rose 0.6% to $62.1 a barrel, the highest price of the day at $62.3 and the lowest at $60.8.

 

Brent rose 1.3% to $72.1 a barrel, as the crude hit a high of $72.2 and a low of $70.4.

 
 
 
  Symbol Last Change Chg.%
1.1238
-0.0035
0.3096%
1.2485
-0.0090
0.7129%
16.105
0.887
5.829%
56.584
-3.748
6.212%
63.60
-0.06
0.09%
1421.705
6.210
0.439%
 
 
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