Economic news

Oil edges higher on significant fall in crude inventories

Oil futures rose slightly on Friday as investors were encouraged by U.S. supply tightness.

Benchmark Brent for October delivery increased 6 cents to $51.09 per barrel on the day but looked set for a weekly loss of 2 percent.

September West Texas Intermediate crude rose 11 cents to $47.20 per barrel, although they were also on track to finish the week more than 3 percent lower.

The U.S. stockpiles have slumped 13 percent from their March top to below 2016 levels - 466.5 million barrels. At the same time, U.S. crude production leaped 13 percent to 9.5 million a day last week, its highest level since July 2015.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree