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Oil prices rise as U.S. crude inventories expected to decline

Xinhua, May 25, 2016 Adjust font size:

Oil prices ended higher on Tuesday as investors were awaiting the closely-watched U.S. government data due out later this week, which is projected to show the country's crude inventories declined.

U.S. crude stockpiles probably decreased by 2 million barrels last week, according to a market survey on Tuesday. Energy Information Administration will release the official inventory data on Wednesday.

In the previous session, the crude prices slid as Iran vowed to increase output. Iran's Deputy Oil Minister Rokneddin Javadi said on Monday that the country's crude exports would reach 2.2 million barrels per day (bpd) by the middle of summer from 2 million bpd now.

His comments dampened hopes for a coordinated decision to freeze OPEC (Organization of the Petroleum Exporting Countries) oil production at a meeting of the exporter group in Vienna, Austria, on June 2.

The West Texas Intermediate for July delivery added 54 cents to settle at 48.62 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 26 cents to close at 48.61 dollars a barrel on the London ICE Futures Exchange. Enditem