Off the wire
• Bolivia taps up 50 million U.S. dollars to fend off El Nino  • Feature: Brother of killed Egyptian driver seeks equal treatement as Mexican victims  • U.S. dollar falls ahead of Fed statement  • China embassy donates items to flood victims in Mozambique  • China cuts U.S. treasuries holdings in July  • Foreign exchange rate of Euro to other currencies  • Roundup: PM's rare TV speech offers no immediate way out of Finnish conflict  • Germany's benchmark DAX index closes up  • Obama expects to complete Asia-Pacific trade deal this year  • Feature: A "China" tour at UN headquarters  
You are here: 　 Home

Oil prices rise amid declining inventories

Xinhua, September 17, 2015 Adjust font size:

Oil prices gained Wednesday as a government report showed that U.S. crude stockpiles decreased unexpectedly last week.

U.S. crude supplies of last week dropped 2.1 million barrels to 455.9 million barrels, 93.6 million barrels more than one year before, according to the weekly report issued by Energy Information Administration (EIA) Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 1.9 million barrels to 54.5 million barrels.

U.S. crude production fell 18,000 barrels to 9.117 million barrels a day that week.

Oil markets were also cheered by the gains in global stocks market Wednesday. Investors were keeping a close eye on the Fed's two-day policy meeting that began Wednesday, as the Federal Open Market Committee, the policy-setting panel of the Fed, could raise interest rates for the first time in nine years. All eyes are on Thursday afternoon's expected statement and press conference.

The West Texas Intermediate for October delivery moved up 2.56 U.S. dollars to settle at 47.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 2 dollars to close at 49.75 dollars a barrel on the London ICE Future Exchange. Endit