Oil prices rise on US crude stock drawdown; Brent crude hits $104.73/bbl

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Commodity

Oil

Writer

IPG Staff2

Oil · 27 July, 2022

Oil prices rise on US crude stock drawdown; Brent crude hits $104.73/bbl

Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in US crude stockpiles.

Commodity

Oil

Writer

IPG Staff2

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US West Texas Intermediate (WTI) crude CLc1 rose 67
cents, or 0.7%, to $95.65 a barrel by 0009 GMT.

 

Brent crude LCOc1 futures rose 33 cents, or 0.3%, to
$104.73 a barrel.

 

After settlement on Tuesday, industry group the
American Petroleum Institute said crude stocks in the United States fell by 4

million barrels last week. Read full story

 

That is four times the 1-million-barrel decline
expected by analysts in a Reuters poll.

Gasoline inventories fell by 1.1 million barrels
compared with expectations of a build of 3.5 million barrels, the API data

showed.

 

The US government's Energy Information Administration
releases its weekly oil report later on Wednesday.

 

Prices were also lifted by expectations of a tighter
gas squeeze in Europe from Wednesday after Russia's Gazprom said it would cut

flows through the Nord Stream 1 pipeline to Germany to a fifth of capacity.

 

European Union countries on Tuesday approved a
weakened emergency plan to curb demand, after striking compromise deals to

limit reductions for some countries.

 

By: Reuters /  Jul 27, 2022, 7:34 AM