Oil prices gain 2% on big US storage withdrawal

Quick Summary:

Oil prices climbed about 2% on Wednesday on a bigger-than-expected weekly drop in US crude stockpiles and as a weaker US dollar overshadowed signs of lower economic growth in China.

That compares with the 30,000-barrel decline analysts forecast in a Reuters poll and a drop of 4.4 million barrels in a report from the American Petroleum Institute trade group .

The narrowing spread means energy firms have less reason to spend money to send ships to the US to pick up crude for export.

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Category: EconomyBusiness

Markets: MalaysiaChinaUnited States

Topics: OilPrices InterestRates /Business/ WTICrude Commodities WeakerDollar CrudeStockpiles EconomicGrowth BrentOil USRefining

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-18 @ 07:26:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 501 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21668466

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