Thu, 29 Oct 2020

Oil prices climb as U.S. inventories slide

Xinhua
24 Sep 2020, 06:18 GMT+10

NEW YORK, Sept. 23 (Xinhua) -- Oil prices ended Wednesday's session with modest gains after data showed U.S. crude stockpiles decreased last week.

The West Texas Intermediate for November delivery gained 13 cents to settle at 39.93 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 5 cents to 41.77 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 1.6 million barrels during the week ending Sept. 18, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

The EIA report also showed that total motor gasoline stockpiles and distillate fuel inventories fell by 4.0 million barrels and 3.4 million barrels, respectively, last week.

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