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
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • IPO: 11 public offers raise Rs 33,000 cr between April-June FY23; 17 more in pipeline
  • Rakesh Jhunjhunwala-backed Akasa Air first commercial flight flagged off by Civil Aviation Minister Jyotiraditya Scindia on this
  • IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon
  • Market next week: Global cues, macro numbers, last batch of earnings to dictate D-Street in holiday-truncated week: Experts
  • Eight of top-10 valued firms add Rs 98,235 cr in m-cap; Infosys, TCS lead gainers
Read in App
Business News » World News

Oil prices rise after data shows big drop in U.S. inventories

Oil prices rose on Wednesday after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Oil prices rise after data shows big drop in U.S. inventories
Oil prices rose on Wednesday after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast. Reuters

Oil prices rose on Wednesday after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast. Brent crude futures rose 43 cents, or 0.7%, to $62.81 a barrel by 0053 GMT, while WTI futures were up 47 cents, or 0.8%, to $57.87 a barrel. Prices had ended lower on Tuesday, squeezed by speculation of a return of sanctions-hit Iranian crude exports to the market following United States President Donald Trump`s move to fire national security adviser John Bolton, a noted Iran policy hawk.

But they rebounded after American Petroleum Institute (API) data released late on Tuesday showed U.S. crude and gasoline stocks fell last week, while distillate stocks built. "The U.S. hasn`t changed its tune yet (on Iran) and the Saudis are really trying to tighten inventories," said Greg McKenna, strategist at McKenna Macro. "Just look at the API draw this morning – another 7 million plus (barrels) drawdown." 

The API numbers showed crude inventories fell by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, compared with analysts` expectations of a decrease of 2.7 million barrels. [API/S]
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.4 million barrels, the API said, while refinery crude runs rose by 208,000 barrels per day.

Meanwhile gasoline stocks fell by 4.5 million barrels, compared with analysts` expectations of a 847,000-barrel decline in a Reuters poll. Prices had risen sharply before Bolton`s removal, boosted after Prince Abdulaziz bin Salman, Saudi Arabia`s new energy minister, said the kingdom`s policy would not change and a deal with other producers to cut oil output by 1.2 million barrels per day would be maintained.

Iran`s crude oil exports were slashed by more than 80% due to re-imposed sanctions by the United States after Trump exited last year Iran`s 2015 nuclear deal with world powers. 

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:
MarketsBrent Crude
Written By: Reuters
Updated: Wed, Sep 11, 2019
09:05 am
Tokyo, Reuters
RELATED NEWS
SEBI constitutes 15-member committee to attract foreign investment; former CEA KV Subramanian appointed Chairman SEBI constitutes 15-member committee to attract foreign investment; former CEA KV Subramanian appointed Chairman
Q1 results FY2023: Nykaa, Petronet LNG, Garware Technical Fibres, Pfizer announce June quarter results - highlights Q1 results FY2023: Nykaa, Petronet LNG, Garware Technical Fibres, Pfizer announce June quarter results - highlights
Titan Company Q1 Results FY2023: PAT at Rs 1066 cr, revenues up 200% at Rs 8649 cr – 5 top takeaways Titan Company Q1 Results FY2023: PAT at Rs 1066 cr, revenues up 200% at Rs 8649 cr – 5 top takeaways
M&M Q1 Results FY2023: Strong tractor sales, automotive segment performance drive profit in June quarter - key highlights M&M Q1 Results FY2023: Strong tractor sales, automotive segment performance drive profit in June quarter - key highlights
Britannia Industries Q1 results FY2023: net profit falls 13.24% to Rs 335.74 crore in April-June; revenue rises 9%, share price Britannia Industries Q1 results FY2023: net profit falls 13.24% to Rs 335.74 crore in April-June; revenue rises 9%, share price

LATEST NEWS

Sister's Day 2022: Date, Significance, WhatsApp message, greetings

Eight of top-10 valued firms add Rs 98,235 cr in m-cap; Infosys, TCS lead gainers

History Created! ISRO launches SSLV-D1 carrying earth observation satellite, student-made AzaadiSAT

Elon Musk dares Twitter CEO Parag Agrawal for open debate on fake accounts

Commonwealth Games 2022: THESE Two Indian Athletes bag Gold & Silver in Men's Triple Jump

India poised to achieve $5 trillion economy dream through ‘Atmanirbhar Bharat’ strategy, says expert

Dividend stocks, bonus share, stock split update: These 20 stocks will remain in focus next week | Full List

In conversation with Anil Singhvi, Basant Maheshwari says dollar may touch Rs 225-mark in next 25 years

Royal Enfield to launch Hunter 350 bike today at 5.30 pm: Watch Live Here

Tejas: Why home-made light combat aircraft are in demand? These countries show interest

  • 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