Oil Prices Rise More Than 2% as U.S. Crude and Products
Stockpiles Fall
June 27, 2019
Oil prices rose more than 2% on Wednesday and hit their highest in
about a month, lifted by U.S. government data that showed a
larger-than-expected drawdown in crude stocks as exports hit a
record high, and surprise drops in refined product stockpiles.
Brent crude futures rose $1.44, or 2.2%, to settle at $66.49 a
barrel.
U.S. West Texas Intermediate (WTI) crude futures rose $1.55, or
2.7%, to settle at $59.38 a barrel.
Crude inventories fell 12.8 million barrels last week, the Energy
Information Administration said, far surpassing analyst
expectations for a decrease of 2.5 million barrels. That was the
most since September 2016.
Markets will watch the G20 meeting this weekend followed by a
meeting of the Organization of the Petroleum Exporting Countries
and non-OPEC producers, a group known as OPEC+, taking place on
July 1st and 2nd.
The group is due to discuss extending output cuts for the second
half of this year.
(Reuters)
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