Baghdad , Oil prices continued their gains from the last session, today, Thursday, supported by a larger-than-expected decline last week in crude inventories in the United States, the largest oil consumer in the world.
Brent crude futures rose by 32 cents, or 0.4 %, to reach $85.40 per barrel, and US West Texas Intermediate crude rose by 48 cents, or 0.6 %, to reach $83.33.
This rise comes after the two crude oils also witnessed an increase during the previous session.’
The latest data from the US Energy Information Administration showed a decrease in crude inventories by 4.9 million barrels last week, which is a decrease that exceeds estimates of 4.4 million barrels according to the American Petroleum Institute report.
Source: National Iraqi News Agency