Xinhua
01 Dec 2022, 07:44 GMT+10
NEW YORK, Nov. 30 (Xinhua) -- Oil prices rose noticeably on Wednesday after data showed a marked drop in U.S. crude stockpiles.
The West Texas Intermediate for January delivery added 2.35 U.S. dollars, or 3 percent, to settle at 80.55 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery added 2.4 dollars, or 2.9 percent, to settle at 85.43 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) on Wednesday reported that the nation's commercial crude oil inventories decreased by 12.6 million barrels during the week ending Nov. 25. Analysts polled by S&P Global Commodity Insights had estimated a fall of 4.4 million barrels in U.S. crude supplies.
According to the EIA, total motor gasoline stocks increased by 2.8 million barrels last week, while distillate fuel inventories increased by 3.5 million barrels.
Traders also looked to the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group will meet on Dec. 4. In October, the oil alliance agreed to reduce its output target by 2 million barrels per day from November to shore up prices.
Get a daily dose of Cardiff Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cardiff Star.
More InformationLONDON, England: Flybe, a British regional airline, abruptly closed operations on January 28. The airline offered flight to Belfast, Birmingham ...
LONDON, England: Of the 14 main battle tanks and additional artillery support it will send to Ukraine, Britain hopes its ...
The Los Angeles Thieves won two elimination-bracket matches on Friday to stay alive in the Call of Duty League Major ...
Kurt Kitayama made two late birdies to slide into the lead at the Pebble Beach Pro-Am on Friday in Pebble ...
The United States moved to the brink of advancing out of its Davis Cup qualifying series by winning both singles ...
London [UK], February 4 (ANI): An Indian-origin man, who broke into Windsor Castle in 2021 with a loaded crossbow and ...
WASHINGTON D.C.: The Biden administration has stopped issuing export licenses to US companies seeking to ship most items to China's ...
Nearly a year in, the war in Ukraine has cost tens of thousands of lives and brought the world to ...
WASHINGTON D.C.: The US House of Representatives has passed a bill that limits the ability of US Energy Secretary Jennifer ...
BOSTON, Massachusetts: Russian businessman Vladislav Klyushin, who has ties to the Kremlin, has been accused of making tens of millions ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
DALLAS, Texas: Oil and gas pipeline operators are preparing to stockpile equipment following severe weather forecasts for the next few ...