Mon, 26 Oct 2020

Oil prices inch higher in volatile trading

25 Sep 2020, 06:18 GMT+10

NEW YORK, Sept. 24 (Xinhua) -- Oil prices climbed modestly on Thursday as traders weighed various elements.

The West Texas Intermediate for November delivery gained 38 cents to settle at 40.31 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 17 cents to 41.94 dollars a barrel on the London ICE Futures Exchange.

"For one thing, the environment remains difficult -- with growing risk aversion due to rising corona cases and a correspondingly strong U.S. dollar," Barbara Lambrecht, energy analyst at Commerzbank Research, said in a note on Thursday.

"And for another thing, the oil-market-specific news provide little reason for optimism," Lambrecht noted.

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