Oil prices gain after bigger-than-expected fall in US stockpiles

Fox Business | Sep 11, 2019 at 4:46 AM
  • Oil prices traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week by more than twice the amount that analysts in a Reuters poll had forecast.
  • Brent crude futures rose 51 cents, or 0.6 percent, to $62.89 a barrel by 0405 GMT, while West Texas Intermediate (WTI) futures were up 54 cents, or 0.9 percent, to $57.94 a barrel.
  • The API numbers had U.S. crude inventories down by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, compared with analysts’ expectations in a Reuters poll of a decrease of 2.7 million barrels.