Oil rises on greater-than-expected dip in US crude inventory

The data showed that crude inventories fell by 7.2mn barrels in the week ended Sep 6 to 421.9mn barrels vs. analyst expectations of a decline of 2.7mn barrels.

Sep 11, 2019 06:09 IST India Infoline News Service

Oil prices rose on Wednesday in Asia following the American Petroleum Institute's (API) report showed that US crude inventory fell more than expected last week.

US Crude Oil WTI Futures gained 0.8% to $57.87/bbl, while International Brent Oil Futures rose 0.6% to $62.78/bbl, according to investing,com.

Oil prices fell earlier on Wednesday after US President Donald Trump said that he has sacked John Bolton as National Security Advisor, which raises prospects regarding talks with Iran.

However, API data lifted prices. The data showed that crude inventories fell by 7.2mn barrels in the week ended Sep 6 to 421.9mn barrels vs. analyst expectations of a decline of 2.7mn barrels.

The Energy Information Administration's report and the OPEC's monthly report are due later Wednesday.

Further, Saudi Arabia's new energy minister said that the kingdom will retain its policy to recude production output by 1.2mn bbl/day.

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