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Oil prices rise as supplies add lower-than-expected

Xinhua, November 19, 2015 Adjust font size:

Oil prices gained Wednesday as U.S. stockpiles added less-than-expected.

U.S. crude supplies of last week gained 0.3 million barrels to 487.3 million barrels, below market's expectation, 106.2 million barrels more than one year before, according to EIA's Wednesday weekly report.

Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract added 1.5 million barrels to 56.85 million barrels.

U.S. crude production added 3,000 to 9.182 million barrels a day last week, according to EIA's report.

EIA forecast in a recent report that Brent crude oil prices will average 54 dollars per barrel in 2015 and 56 dollars in 2016. Forecast West Texas Intermediate crude oil prices average 4 dollars lower than the Brent price in 2015 and 5 dollars lower in 2016.

The West Texas Intermediate for December delivery moved up 8 cents to settle at 40.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 57 cents to close at 44.14 dollars a barrel on the London ICE Futures Exchange. Endit