Open Demo Account
Home / Market Update / Commodities / Oil Prices Settle Higher on Decline in US Inventories

Oil Prices Settle Higher on Decline in US Inventories

M. Ali 2 July, 2020 1:59 am Commodities, Market Update

Oil prices closed higher on Wednesday, after data showed a decline in the United States crude inventories last week.

Brent Crude increased by $0.76 or 1.84% to close at $42.03 per barrel, while the WTI crude futures settled higher by $0.55 or 1.4% at $39.82 a barrel.

The US crude oil inventories decreased by about 7.2 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday.

This marked the first decline in US oil inventories after three consecutive weekly increases.

Tags

Check Also

Why Trump’s Looming Policies Still Trigger Inflation Concerns

As Donald Trump’s second term approaches, his policy proposals have sparked widespread concern about a …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends