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16 Jul 2015
Oil witnesses moderate gains on falling inventory
FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic witnessed moderate gains on Thursday after the data released on Wednesday showed a bigger drawdown in the US inventories.
At the time of writing, Brent crude for August was up 42 cents at USD 57.54/barrel. US West Texas Intermediate or WTI, was up 34 cents at USD 51.75/barrel.
As per the Energy Information Administration (EIA), Crude inventories fell by 4.3 million barrels last week as refineries boosted throughput to a record level. For now, the drawdown in the inventory is overshadowing the concerns of excess supply. OPEC oil supply rise in the future as Iran increases output following a deal with six global powers over its nuclear program.
At the time of writing, Brent crude for August was up 42 cents at USD 57.54/barrel. US West Texas Intermediate or WTI, was up 34 cents at USD 51.75/barrel.
As per the Energy Information Administration (EIA), Crude inventories fell by 4.3 million barrels last week as refineries boosted throughput to a record level. For now, the drawdown in the inventory is overshadowing the concerns of excess supply. OPEC oil supply rise in the future as Iran increases output following a deal with six global powers over its nuclear program.