Oil edges higher on US crude stockpiles draw

Quick Summary:

Oil prices inched up on Thursday, bouncing back from two-week lows, after data showed falling crude and fuel inventories in the United States.

The European Central Bank cut interest rates for the third time this year on Thursday, indicating that inflation in the euro zone is now increasingly under control and the economic outlook has worsened.

Oil output in North Dakota, the third-largest producing state in the US, fell by around 500,000 barrels through October, after wildfires crossed into key producing counties this month, a state regulator said.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelMaliUnited States

Topics: MiddleEastTensions WTICrude /Business/ CrudeFutures OilPrices USInventories BrentCrude Commodities EnergyMarket ECBRateCut

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-18 @ 07:32:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 442 words

Reading Time: 3 minutes read

Sentences: 21 lines

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Copyright Owner: © The Star

News ID: 23111566

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