Oil prices inch up after data shows unexpected drop in U.S. crude stocks [Reuters]
S&P Global Inc. (SPGI)
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Source: Reuters
surprise drop in U.S. crude stocks last week, a positive sign for demand, and attention shifted away from hostilities in the Middle East. Brent crude futures rose 9 cents, or 0.1%, to $88.51 a barrel and U.S. West Texas Intermediate crude futures gained 10 cents, or 0.11%, to $83.45 a barrel at 0031 GMT. U.S. crude inventories fell 3.237 million barrels in the week ended April 19, according to market sources citing American Petroleum Institute figures. In contrast, six analysts polled by Reuters had expected a rise of 800,000 barrels. Traders will be watching for the official U.S. data on oil and product stockpiles due at 10:30 a.m. (1430 GMT) for confirmation of the big drawdown. Meanwhile, expectations are growing that interest rates will be cut in the UK and EU in June, which could help support economic growth and, in turn, oil demand. In the euro zone and the UK business activity this month was expanding at its fastest pace in nearly a year, suggesting that economic grow
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- 4/26/24 - Miss
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- 4/25/24 - Form 10-Q
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