Oil prices rise for third straight session, Brent above $82

14/06/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices settled higher for the third straight session on Friday amid valuation of US crude stockpiles data during the first week of June.

 

Brent crude futures for August delivery rose 0.85%, or $0.68, to $82.60 a barrel.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude added 0.75%, or $0.60, to $78.5 per barrel.

 

US crude oil inventories surged by 3.7 million barrels in the week ended June 7, contrary to expectations for a 1.2-million-barrel drop, the Energy Information Administration (EIA) data showed.

 

Gasoline stocks also rose 2.6 million barrels, with distillate stocks, which include diesel and heating oil, also up by 900,000 barrels.

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