United States: crude oil inventories decline past week

USA

United States: crude oil inventories decline past week

Oct 15, 2020 (MENAFN via COMTEX) —

(MENAFN)

A decline of 5.422 million barrels of crude oil in the U.S. crude oil inventories by the end of the week Oct. 9 was announced on Tuesday by The American Petroleum Institute (API).

Where the U.S. Energy Information Administration (EIA) announced a climb of 500,000 barrels in Oct.2 ending the week before, API announced a rise of 951,000 barrels of crude oil inventories.

While traders were waiting for U.S. crude oil stockpiles data on Wednesday, oil prices climbed higher.

Whereas Brent crude for the delivery of the month of December rose 87 cents to settle at USD43.32 for the barrel on the London ICE Futures Exchange, the West Texas Intermediate for the delivery of the month of November augmented 84 cents to rest at USD41.04 for the barrel on the New York Mercantile Exchange.

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