Oil Prices End Higher as U.S. Crude Supplies Fall a Second Week
Thursday, 17 January 2019 04:09 WIB | COMMODITY |MinyakWTIBrent

Oil futures ended higher Wednesday, with U.S. prices staging a last minute, modest turnaround as a U.S. government report revealed a second straight weekly decline in U.S. crude supplies.

An increase in domestic crude output and a hefty weekly rise for gasoline stockpiles had pushed prices lower for much of the trading session.

The Energy Information Administration on Wednesday reported a bigger-than-expected fall in crude inventories, but that decline also came œamid an upward adjustment to the domestic production number”now to the mighty heights of 11.9 million barrels per day, said Matt Smith, director of commodity research at ClipperData.

West Texas Intermediate crude for February delivery rose 20 cents, or 0.4%, to settle at $52.31 a barrel on the New York Mercantile Exchange. That was a modest extension of the more than 3% rise from a day earlier that was fueled by China™s move to stimulate its economy.

March Brent crude added 68 cents, or 1.1%, to $61.32 a barrel on ICE Futures Europe.

Source : Market Watch

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