Oil Prices Edge Up
Oil prices nudged higher on Wednesday on rising tensions in the Persian Gulf, a sharp fall in US crude stocks and positive signs on Sino-US talks, although worries about weak demand kept a cap on gains.
Brent crude futures were up 21 cents, or 0.3%, at $64.04 a barrel, after rising nearly 1% on Tuesday, news outlets reported.
US West Texas Intermediate crude was up 28 cents, or 0.5%, at $57.05 a barrel, having risen about 1% in the previous session.
US crude stocks fell more than expected in the week to July 19, declining by 11 million barrels to 449 million, the trade group American Petroleum Institute said on Tuesday.
That compared with analysts’ expectations of a decrease of 4 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 448,000 barrels, although gasoline stocks rose by 4.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 730,000-barrel decline.
The potential for renewed Sino-US trade talks also helped bolster prices, analysts said.
White House economic adviser Larry Kudlow on Tuesday called it a good sign that top US officials would be traveling to China to discuss reviving stalled trade talks.
source: Financial Tribune
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