Oil prices edge up on decline in U.S. fuel inventories, looming Iran sanctions
By Trend
Oil prices inched up on Thursday, extending solid gains from the previous session on a fall in U.S. crude inventories and expected disruptions to supply from Iran and Venezuela, Reuters reports.
International Brent crude oil futures LCOc1 were at $77.21 per barrel at 0114 GMT, up 7 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 14 cents at $69.65 a barrel.
The rises came after crude hit multi-week highs during the previous session.
U.S. commercial crude inventories USOILC=ECI fell by 2.6 million barrels in the week to Aug. 24, to 405.79 million barrels. U.S. production C-OUT-T-EIA was flat from the previous week’s record 11 million barrels per day (bpd).
“Oil prices rose on the back of an unexpected U.S. inventory draw, the second week in a row of declines, together with gasoline demand reaching a record high,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
“The looming sanctions against Iran are beginning to impact oil supply lifting crude prices,” added Alfonso Esparza, analyst at futures brokerage OANDA.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!