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Oil prices climb amid mixed U.S. inventory data

NEW YORK
2022-07-08 04:28

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NEW YORK, July 7 (Xinhua) -- Oil prices rose on Thursday, recouping some of the massive losses they had suffered earlier in the week.

The West Texas Intermediate for August delivery added 4.2 U.S. dollars, or 4.3 percent, to settle at 102.73 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased 3.96 dollars, or 3.9 percent, to close at 104.65 dollars a barrel on the London ICE Futures Exchange.

The rally followed a two-day rout on the oil market, which saw the U.S. crude standard trade below the key mark of 100 dollars per barrel for the first time since May, driven by deepening concerns over slowing global growth.

Investors digested the newly released weekly U.S. fuel inventory data which painted a mixed picture.

The U.S. Energy Information Administration (EIA) reported Thursday that the nation's crude oil inventories increased by 8.2 million barrels in the week ending July 1.

The EIA also said total motor gasoline inventories decreased by 2.5 million barrels last week, while distillate fuel inventories decreased by 1.3 million barrels.
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