Oil prices rise as US inventories shrink more than expected
Investing.com-- Oil prices edged higher in Asian trade on Wednesday as industry data showed a bigger-than-expected draw in U.S. inventories, although a build in distillate stockpiles somewhat offset optimism over tighter markets.
Prices also fell on Tuesday as the impact of tropical storm Beryl appeared to be much lesser than initially expected, with the storm also weakening as it moved away from key oil infrastructure in Texas.showed on late-Tuesday that U.S. oil inventories saw a draw of 1.9 million barrels, compared to forecasts for a draw of 0.25 mb.
While Beryl had briefly strengthened to a hurricane as the storm made landfall on Monday, it did not appear to have left a lasting impact on oil infrastructure in the Gulf of Mexico.Oil prices were also dented by speculation over a potential ceasefire between Israel and Gaza, as Hamas made several concessions to reach a deal with Israel.
Focus is now on key economic readings from top oil importer China, to gauge the condition of an economic recovery in the country.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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