NEWS Desk Global
OIL PRICES RISE AFTER US CRUDE STOCKS FALL MORE THAN EXPECTED
On Wednesday, oil prices inched higher following the release of U.S. oil storage data, which showed a larger-than-expected draw in crude stockpiles as refiners increased output in preparation for the summer driving season.
Brent crude oil futures rose by 52 cents, or 0.63%, to $83.68 a barrel by 12:00 p.m. EDT (1600 GMT), while U.S. West Texas Intermediate crude futures climbed by 65 cents, or 0.83%, to $79.03 a barrel. According to the Energy Information Administration (EIA), U.S. crude inventories dropped by 1.4 million barrels to 459.5 million barrels in the week ending May 3, slightly exceeding analysts' expectations.
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