[NEW YORK] Oil futures rose about 2 per cent on Thursday as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories and on worries that China's new Hong Kong security law could result in trade sanctions. Read more at The Business Times.
Oil futures rose about 2 per cent on Thursday as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories and on worries that China's new Hong Kong security law could result in trade sanctions.[NEW YORK] Oil futures rose about 2 per cent on Thursday as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories and on worries that China's new Hong Kong security law could result in trade sanctions.
Brent for July rose 55 cents, or 1.6 per cent, to settle at US$35.29 a barrel on its second to last day as the front-month. US West Texas Intermediate crude rose 90 cents, or 2.7 per cent, to settle at US$33.71.US crude inventories rose 7.9 million barrels last week, exceeding expectations, due to a big increase in imports from Saudi Arabia, the Energy Information Administration said.
The EIA's report, however, also showed refiners boosted output and petrol stockpiles fell unexpectedly, while crude inventories at the US Cushing storage hub in Oklahoma fell 3.4 million barrels.
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