Oil prices rise ahead of OPEC report

12/08/2020 Argaam

 

Oil prices rose during Wednesday's trading as preliminary estimates of US oil inventories showed a decline over the past week, ahead of the release of the monthly OPEC report.

 

Brent crude futures for October delivery rose 0.5% to $44.70 a barrel at 8:55 am.

 

On the other hand, US Nymex crude for September delivery was up 0.3% at $41.75 a barrel.

 

The American Petroleum Institute estimated on Tuesday that US oil inventories fell by nearly 4 million barrels over the past week.

 

The Energy Information Administration is scheduled to release official data later today, as investors await the release of the OPEC report for July.

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