2023-04-19 01:06:00
© Archyde.com. Picture of an oil well and drilling rig in the Yarakta field, Russia. Photo from Archyde.com archive
(Archyde.com) – It rose in early Asian trading on Wednesday following strong economic data from China and estimates of a drop in US crude inventories.
Crude futures rose seven cents a barrel to 84.84 by 0020 GMT. US West Texas Intermediate crude also rose three cents to $80.89 a barrel.
The rise in prices was limited in light of concerns that potential increases in interest rates in the United States may lead to a slowdown in growth in the largest consumer of oil.
Prices received support following market sources quoted the American Petroleum Institute as saying that US crude stocks fell by regarding 2.68 million barrels in the week ending April 14.
According to the sources, who requested anonymity because they are not authorized to speak to the media, gasoline stocks fell by regarding 1.02 million barrels, while distillate stocks fell by regarding 1.9 million barrels.
An official inventory report from the Energy Information Administration is due at 1430 GMT on Wednesday.
Meanwhile, data showed that China’s economy, the largest importer of crude oil, grew more than expected at 4.5 percent in the first quarter.
(Prepared by Marwa Gharib for the Arabic Bulletin)
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