Oil prices climb as U.S. stock drawdown eases supply glut fears

  21 May 2020    Read: 767
Oil prices climb as U.S. stock drawdown eases supply glut fears

Oil prices edged higher on Thursday after data showed U.S. crude inventories fell again, easing concern about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains, AzVision.az reports quoting Reuters. 

Brent crude futures for July delivery LCoc1 were trading up 17 cents, or 0.5%, at $35.92 per barrel at 0024 GMT. U.S. West Texas Intermediate (WTI) crude futures for July CLc1 were up 4 cents, or 0.1%, at $33.53 a barrel. 

U.S. crude inventories USOILC=ECI fell by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, Energy Information Administration (EIA) data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6 million barrels. [EIA/S]


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