ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » World News

Oil prices rise after bigger-than-expected fall in U.S. inventories

Oil prices climbed on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Oil prices rise after bigger-than-expected fall in U.S. inventories
Crude prices also continued to be supported by falling supplies from Iran and output cuts by OPEC and other major oil producers. Reuters

Oil prices climbed on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations. U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3%, at $59 a barrel by 0023 GMT. They closed down 0.6% on Wednesday after hitting their lowest since March 12 at $56.88.

Brent crude futures, the international benchmark for oil prices, were up 3 cents at $69.48 a barrel. They fell nearly 1% in the previous session after recouping losses that saw them drop as far as $68.08. U.S. crude inventories declined by 5.3 million barrels in the week to May 24 to 474.4 million, data from industry group the American Petroleum Institute showed. 

That was a much larger drop than the 900,000-barrel fall expected by analysts polled by Reuters.  Weekly U.S. oil inventory data has been delayed by Monday`s Memorial Day holiday, with the government`s report due on Thursday at 11 a.m. EDT (1500 GMT). 

Crude prices also continued to be supported by falling supplies from Iran and output cuts by OPEC and other major oil producers. Iranian May crude exports fell to less than half of April levels at around 400,000 barrels per day (bpd), tanker data showed and two industry sources said, after the United States tightened sanctions on Tehran`s main source of income.

Many expect supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to be extended in a meeting next month. Crude prices have risen by about 30 percent since the start of the year when OPEC+, which includes Russia, cut production to reduce a global glut.

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.

TAGS:
Global Oil PriceCrude Oil
Written By: Reuters
Updated: Thu, May 30, 2019
08:22 am
Tokyo, Reuters
RELATED NEWS
Petrol price hiked 30 paise, diesel up 35 paise; total increase now stands at Rs 4-4.10 Petrol price hiked 30 paise, diesel up 35 paise; total increase now stands at Rs 4-4.10
Oil extends gains on easing Omicron fears, Iran delay Oil extends gains on easing Omicron fears, Iran delay
Oil prices slide on expectations of higher supply, weaker demand Oil prices slide on expectations of higher supply, weaker demand
Oil rises after OPEC+ rejects call for more supply Oil rises after OPEC+ rejects call for more supply
Oil price ends March with biggest monthly and quarterly losses ever Oil price ends March with biggest monthly and quarterly losses ever

LATEST NEWS

GST Council defers rate hike on casinos; Rakesh Jhunjhunwala-backed Delta Corp share jumps 7.5% intraday

How rising crude oil prices, falling Rupee impact stock market? Anil Singhvi decodes

Buy, Sell or Hold: What should investors do with Strides Pharma, MRPL and IEX shares?

Rakesh Jhunjhunwala-backed star health stock drops over 43% on IPO price—What should investors do?

Dell unveils its latest commercial laptops in India

Pharma company Innova Captab files IPO papers with Sebi

Dalal Street Corner: Market ends lower ahead of US GDP data, monthly derivatives expiry; what should investors do on Thursday?

Poco F4 5G vs iQOO Neo 6 5G: Which one to buy? Check comparison - price and full specifications

Paytm shares rally 38% in less than two months; stock may surge by another 40% in near term, says expert—Here is why!

Porinju Veliyath-backed small-cap stock jumps 18%; know what’s fueling rally in counter

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV