Oil extends gains as US inventories decline

25/07/2018 Argaam

 

Oil prices extended gains on Wednesday after US industry data showed a decline in the country’s crude stockpiles.

 

Brent crude was last trading up nearly 1 percent at $74.14 per barrel (bbl), while WTI crude rose 0.6 percent to $68.9.

 

According to the American Petroleum Institute (API) update, US crude inventories fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels, Reuters reported.

 

The official data from Energy Information Administration (EIA) is expected later today.

 

If the EIA report also shows a decline in stockpiles, it would be a 10th consecutive weekly decrease.

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