Off the wire
• EP alarmed by effects of Schengen border controls returning  • Spotlight: EU migrant crisis above all a refugee crisis  • Gold up nearly 1 percent on weaker U.S. dollar and equities  • Dubai's 2015 FDI hits 7.62 bln USD  • U.S. dollar slumps against other major currencies  • Carlsberg sees progress in Eastern Europe in Q1  • Roundup: Series of IS bombing attacks kill more than 90 in Iraq's capital  • No silver bullet to stop terrorist use of internet: Microsoft  • Industrial electricity price 20-pct higher in Slovakia than in Western Europe  • Ghana's electoral body rules out extension of limited voter registration  
You are here: 　 Home

Crude prices rise as inventories drop

Xinhua, May 12, 2016 Adjust font size:

Oil prices gained Wednesday as a government report showed U.S. crude stockpiles contracted unexpectedly.

U.S. crude supplies of last week lost 3.4 million barrels to 540 million barrels, according to the Energy Information Administration (EIA)'s weekly report released Wednesday.

Crude production of the country decreased 23,000 to 8.802 million barrels a day last week, according to EIA.

The growing concerns about global crude output disruption in Nigeria and Canada also supported the market.

The West Texas Intermediate for June delivery moved up 1.57 U.S. dollars to settle at 46.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 2.08 dollars to close at 47.6 dollars a barrel on the London ICE Futures Exchange. Enditem