Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil Prices Rise on U.S. Crude Inventories Data

Published 07/10/2019, 01:21 AM
Updated 07/10/2019, 01:23 AM
© Reuters.

© Reuters.

Investing.com - Oil prices rose on Wednesday in Asia after data showed U.S. crude inventories fell for a fourth straight week.

U.S. Crude Oil WTI Futures were up 1.4% to $58.63 by 1:20 AM ET (05:20 GMT). International Brent Oil Futures gained 1.0% to $64.81.

Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analyst expectations for a decrease of 3.1 million barrels, according to data from industry group the American Petroleum Institute.

Official figures from the government's Energy Information Administration (EIA) are due later on Wednesday.

On the Sino-U.S. trade front, U.S. and Chinese trade officials held a "constructive" phone conversation on Tuesday, White House economic adviser Larry Kudlow said, adding that the two sides were discussing the possibility of a face-to-face meeting.

"There are no miracles here," Kudlow told reporters at the White House. "There was headway last winter and spring, then it stopped. Hopefully we can pick up where we left off, but I don't know that yet."

China’s Commerce Ministry confirmed the phone meeting took place. The two sides "exchanged views on implementing the consensus of the two countries' leaders at the Osaka meeting,” it said, but gave no other details.

China and the U.S. are the world’s biggest oil importers.

An escalation in U.S.-Iran tensions after Tehran’s decision this week to enrich uranium beyond the levels it had committed to under the JCPOA nuclear agreement was also cited as supporting the oil markets.

beyond the levels it had committed to under the JCPOA nuclear agreement

Earlier this week, Iran suggested it could restart deactivated centrifuges and step up its enrichment of uranium to 20% in the future.

U.S. President Donald Trump warned Tehran over the weekend to “be very careful” about the resumption of enrichment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.