Markets > Commodities

Oil prices rise on alleviated oversupply concerns

Xinhua News,NEW YORK
2020-02-13 05:36

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NEW YORK, Feb. 12 (Xinhua) -- Oil prices rose on Wednesday, as concerns about global crude oversupply further eased.

The West Texas Intermediate (WTI) for March delivery settled 1.23 U.S. dollars higher at 51.17 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 1.78 dollars to close at 55.79 dollars a barrel on the London ICE Futures Exchange.

On data front, U.S. commercial crude oil inventories increased by 7.5 million barrels during the week ending Feb. 7, the U.S. Energy Information Administration said on Wednesday.

At 442.5 million barrels, U.S. crude oil inventories are about 2 percent below the five year average for this time of year, the administration said.
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