Oil prices rise as U.S. inventories drop

2021-08-26 03:42

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NEW YORK, Aug. 25 (Xinhua) -- Oil prices climbed on Wednesday after data showed a dip in U.S. crude stockpiles.

The West Texas Intermediate for October delivery added 82 cents to settle at 68.36 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 1.2 dollars to close at 72.25 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 3 million barrels during the week ending Aug. 20, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

At 432.6 million barrels, U.S. crude oil inventories were about 6 percent below the five-year average for this time of year.

According to the EIA, total motor gasoline inventories decreased by 2.2 million barrels last week, while distillate fuel inventories increased by 0.6 million barrels.
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