Off the wire
• S. African Presidency concerned over "public attacks" on Zuma by mine bosses  • UN chief appeals for global solidarity in tackling migrant crisis  • S. Africa's Wits University to hold assembly on reopening class  • Iran defeats Uzbekistan 1-0 in World Cup qualifier  • World food prices climb again as milk, sugar prices surge: FAO  • Spotlight: UN Security Council recommends General Assembly appoint Guterres next UN chief  • Obama administration to continue investment treaty talks with China: treasury secretary  • EU donates 13.4 million USD to rebuild refugee camp in Lebanon  • Pakistani parliament passes law against honour killings  • 300,000 immigrated children registered in German schools in past academic year  
You are here: 　 Home

Oil prices rise as U.S. crude stockpiles fall

Xinhua, October 7, 2016 Adjust font size:

Oil prices ended higher on Thursday after official data showed a surprise weekly drawdown in U.S. crude inventories.

In the previous session, the Energy Information Administration (EIA) said in its weekly report that U.S. crude inventories dropped by 3 million barrels to a total of 499.7 barrels in the week through Sept. 30, notching a fifth straight weekly decline.

Analysts polled by S&P Global Platts had forecasted a climb of 2 million barrels in U.S. crude stockpiles for the week.

Oil prices have advanced over 10 percent since the Organization of the Petroleum Exporting Countries reached a deal last Wednesday to cut crude output for the first time in eight years.

The group's oil ministers are expected to hammer out the final details of an agreement at their next official meeting on Nov. 30 in Vienna.

The West Texas Intermediate for November delivery added 61 U.S. cents to settle at 50.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 65 cents to close at 52.51 dollars a barrel on the London ICE Futures Exchange. Endit