Oil Prices Rise as U.S. Stockpiles Drop, OPEC Agrees Meeting Date
Thursday, 20 June 2019 08:29 WIB |
ENERGY |Minyak WTIbrent oilOil,Crude Oil
Oil prices rose over 1 percent on Thursday as official data showed U.S. crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.
Brent crude futures had risen 82 cents, or 1.3%, to $62.64 by 0026 GMT. They dropped 0.5% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were up 79 cents, or 1.5%, at $54.55 a barrel. WTI fell 0.26% in the previous session.
After swelling to near two-year highs, U.S. crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the Energy Information Administration (EIA) said. [EIA/S]
Refined products also posted surprise drawdowns due to a rise in refining and crude exports, as well as a drop in crude production.
Source : Reuters