Oil prices rose on Wednesday after steep falls in the previous session, although...
TOKYO - Oil prices rose on Wednesday after steep falls in the previous session, although U.S. crude trailed gains for international benchmark Brent after U.S. crude inventories fell less than expected.
Brent crude futures were up 25 cents at $64.60, or 0.4%. They ended down 3.2% in the previous session. “Market participants are looking ahead to the weekly IEA oil inventory data for the U.S., which is expected to show yet another drawdown,” Abhishek Kumar, head of analytics at Interfax Energy in London.
The Bureau of Safety and Environmental Enforcement said 1.1 million barrels per day of oil, or 58% of the region’s total, and 1.4 billion cubic feet per day of natural gas output remained shut. Distillate fuels stockpiles, which include diesel and heating oil, rose by 6.2 million barrels, compared with expectations for a 613,000-barrel gain, the API data showed.
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