Oil Prices Gain on U.S. Inventory Drop, Middle East Tensions
Wednesday, 24 July 2019 08:52 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil prices rose on Wednesday, extending gains after an industry group reported a much bigger than expected drop in U.S. inventories, while the U.S. Navy said it may have downed a second Iranian drone last week.

Brent crude futures were up 24 cents, or 0.4%, at $64.07 a barrel by 0049 GMT, after rising nearly 1% on Tuesday.

U.S. West Texas Intermediate crude were up 22 cents, or 0.4%, a barrel, having risen about 1% in the previous session.

U.S. crude stocks fell more than expected in the week to July 19, declining by 11 million barrels to 449 million, the trade group American Petroleum Institute said on Tuesday. That compared with analysts' expectations of a decrease of 4 million barrels.

Source : Reuters

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