Business and Economy
Oil prices rise as US stockpiles expected to decline
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FILE: Gasoline and distillate stockpiles were also expected to fall by at least 1.5 million barrels. (Pixabay Photo, CC0)NEW YORK — Oil prices climbed on Tuesday as US crude inventories were expected to decline.
Analysts forecast US crude stockpiles to decrease by 2.5 million barrels in the latest weekly supply reports.
Gasoline and distillate stockpiles were also expected to fall by at least 1.5 million barrels.
Investors were awaiting the official report by the Energy Information Administration scheduled to release on Wednesday to get more information about the inventory data.
Meanwhile, the oil prices were supported after the Saudi energy minister said the oil exporter’s focus remained on reducing oil stocks to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends, according to Reuters.
The West Texas Intermediate for December Delivery added 0.57 dollar to settle at 52.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.96 dollar to close at 58.33 dollars a barrel on the London ICE Futures Exchange.
(Xinhua)
