Off the wire
• Slovakia wants common European policy on migration  • Latvia's population decreases by 88,500 in 4 years: statistics  • U.S. reports slower rise in factory orders in July  • Slovak President proposes change in constitution  • Venezuelan media highlights Maduro's visit to China, new cooperation deals  • Urgent: U.S. dollar rises as stocks stabilize  • Urgent: Oil prices climb despite rising U.S. inventories  • Libyan gov't bans the entry of Pakistani, Yemeni, Iranian nationals  • Foreign investment mood in CEE countries continues to improve  • Roundup: Venice Int'l Film Festival blurs lines between reality, fiction cinema  
You are here: 　 Home

1st LD Writethru: Oil prices climb despite rising inventories

Xinhua, September 3, 2015 Adjust font size:

Oil prices gained Wednesday despite government report showed that U.S. crude stockpiles increased last week.

U.S. crude supplies of last week climbed 4.7 million barrels to 455.4 million, 95.9 million barrels more than one year before, according to the weekly report of Energy Information Administration (EIA) Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract lost 0.4 million barrels to 57.3 million barrels.

U.S. crude production fell 119,000 barrels to 9.219 million barrels a day that week. The declining output data gave market some support.

Oil prices were buoyed by the upbeat data. Labor productivity of the U.S. nonfarm business sector increased at a 3.3-percent annual rate during the second quarter of 2015, beating market expectations of 2.8 percent, the Labor Department reported Wednesday.

The West Texas Intermediate for October delivery moved up 84 cents to settle at 46.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 94 cents to close at 50.5 dollars a barrel on the London ICE Future Exchange. Endit