Prices for Brent oil rose above $60 a barrel for the first time in over a week o...
SINGAPORE - Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains.
Brent crude LCOc1 had risen 13 cents, or 0.2%, to $60.16 a barrel by 0136 GMT, after settling 0.5% higher on Tuesday.U.S. crude oil stocks fell by 3.5 million barrels to 439.8 million in the week to Aug. 16, data from industry group the American Petroleum Institute showed on Tuesday. Analysts polled by Reuters had expected a decrease of 1.9 million barrels.
“U.S. inventory data this week will again be a more critical catalyst than usual given that we are nearing the end of peak U.S. driving season,” Stephen Innes, managing partner, VM Markets, said in a note. Crude prices were also buoyed by official data showing lower exports in June from Saudi Arabia, the world’s top oil exporter.
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