Oil prices rise as U.S. inventories drop

Xinhua
29 Jul 2021, 15:18 GMT+10

NEW YORK, July 28 (Xinhua) -- Oil prices moved higher on Wednesday after data showed a larger-than-expected drop in U.S. crude stockpiles.

The West Texas Intermediate for September delivery added 74 cents to settle at 72.39 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased 26 cents to close at 74.74 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 4.1 million barrels during the week ending July 23, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a fall of 2.5 million barrels for last week.

At 435.6 million barrels, U.S. crude oil inventories were about 7 percent below the five-year average for this time of year.

According to the EIA, total motor gasoline inventories decreased 2.3 million barrels last week , while distillate fuel inventories decreased by 3.1 percent.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Houston Mirror.

More Information

80 ℉

Fair in Houston/Hobby

Business

Section

Majority of Japanese companies say business to recover in 2021

TOKYO, Japan: A survey by Reuters found that most Japanese companies believe the recovery of the country's economy has reached ...

Volatile day Friday for U.S. stocks, major indices tumble

NEW YORK, New York - U.S. stocks tumbled on Friday while the U.S. dollar rallied."It was a volatile week and ...

Intuit announces purchase of Mailchimp for $12 billion

MOUNTAIN VIEW, California: California-based Intuit, known for its small-business accounting and DIY tax-filing software, including TurboTax and QuickBooks, announced that ...

Ireland investigates TikTok transferring children's data to China

DUBLIN, Ireland: Ireland's Data Protection Commission (DPC) said it has opened two investigations into video sharing platform TikTok.The first investigation ...

Freefall in iron ore price pressures Australian stock exchange

SYDNEY, NSW, Australia - Most Asian stock markets rose on Friday, however, the ASX fell sharply as the Australian market ...

Britain's inflation up 3.2 percent, greatest jump on record

LONDON, England: August saw inflation rates in the U.K. soaring to the highest-ever recorded rate, official figures show.Inflation rose to ...

International

Section