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Oil prices rise as U.S. inventories drop

NEW YORK
2022-10-20 03:38

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NEW YORK, Oct. 19 (Xinhua) -- Oil prices climbed on Wednesday, snapping a three-day losing streak.

The West Texas Intermediate for November delivery increased 2.73 U.S. dollars, or 3.3 percent, to settle at 85.55 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 2.38 dollars, or 2.6 percent, to close at 92.41 dollars a barrel on the London ICE Futures Exchange.

The advance came after data showed a decline in U.S. crude stockpiles.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's commercial crude oil inventories decreased by 1.7 million barrels during the week ending Oct. 14. Analysts polled by S&P Global Commodity Insights had estimated a fall of 1.2 million barrels in U.S. crude supplies.

According to the EIA, total motor gasoline inventories decreased by 0.1 million barrels last week, while distillate fuel inventories increased by 0.1 million barrels.
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