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Oil prices climb on falling stockpiles

Xinhua,February 23, 2018 Adjust font size:

NEW YORK, Feb. 22 (Xinhua) -- Oil prices surged on Thursday as government data showed the U.S. crude inventories fell unexpectedly last week.

The Energy Information Administration said in a weekly report on Thursday that U.S. crude inventories lost 1.6 million barrels in the week to Feb. 16. Analysts had expected an increase of 1.8 million barrels.

The market was also supported by a weaker dollar. The dollar index, which measures the greenback against six major peers, fell 0.36 percent to 89.726 in late trading on Thursday. A softer greenback made the dollar-priced oil more attractive for holders of other currencies.

The West Texas Intermediate(WTI) for April delivery was up 1.09 U.S. dollar to settle at 62.77 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.97 dollar to close at 66.39 dollars a barrel on the London ICE Futures Exchange. Enditem

 

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