Oil rises on deep weekly draw in US crude stocks

Quick Summary:

Oil prices gained about 1% on Wednesday after a larger-than-expected decline in US crude stocks, but gains were capped by concerns about rising global inventories in thin trading ahead of the US Independence Day holiday.

Also dampening prices were surveys that showed that China's services activity expanded at the slowest pace in eight months and confidence hit a four-year low in June.

China is the largest importer of crude barrels, and a slowdown in the country's economic activity can damage oil demand.

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Category: EconomyBusiness

Markets: MalaysiaChinaMexicoNigerNigeria

Topics: HurricaneBeryl WTICrude OPECProduction Commodities CrudeStocks /Business/ OilPrices USCrude GlobalInventories BrentCrude

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-04 @ 07:10:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 417 words

Reading Time: 3 minutes read

Sentences: 18 lines

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Copyright Owner: © The Star

News ID: 21475299

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