Oil prices climb as U.S. crude inventories drop
Oil prices rose on Friday after U.S. crude inventories fell to their lowest levels since February 2015.
U.S. West Texas Intermediate (WTI) crude futures
International Brent crude futures
"Oil inventory data released last night showed a larger-than-expected draw in crude inventories," said William O`Loughlin, investment analyst at Australia`s Rivkin Securities.
U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels
Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak U.S. peak fuel consumption season this summer.
"Gasoline and distillates inventories both rose substantially. The U.S. summer driving season has proven to be a lacklustre one in terms of gasoline demand," said O`Loughlin.
U.S. crude oil production
(GRAPHIC: U.S. oil production, storage & drilling levels- https://tmsnrt.rs/2NTRJLU)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.