Lates News

The Energy Information Administration (EIA) report states that last week, U.S. crude oil inventories fell more than expected by 6 million barrels due to decreased imports, increased exports, and refineries maintaining high production capacity utilization rates, causing crude oil futures prices to rise. Scott Shelton of TP-ICAP stated in a report that although U.S. crude oil inventory data "may reflect a surge in exports in the coming weeks, I do not think this export speed will continue because the demand for North Sea crude oil seems questionable, and strong freight rates and dwindling inventories of Asian light crude oil make WTI crude oil prices look slightly higher than before. I believe this rebound is a minor rebound in a downtrend." WTI crude oil prices rose 1.6% to $63.35 per barrel for the September contract set to expire today. Brent crude oil prices rose 1.7% to $66.88 per barrel.