Commodity News
HeadLine : Oil prices rise after U.S. crude stocks draw
Date : Aug 22 2019
Oil prices rose on Thursday following a drawdown in U.S. crude inventories, but gains in fuel inventories and persistent concerns over the global economy and future demand outlook capped gains. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.6%, to $56.03 per barrel. U.S. crude inventories fell more than expected last week as refineries hiked production, but gasoline and distillate stockpiles showed bigger-than-expected builds, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.7 million barrels in the week to Aug. 16, compared with analysts' expectations for a drop of 1.9 million barrels. However, gasoline stocks rose by 312,000 barrels and distillate supplies grew by 2.6 million barrels. U.S. President Donald Trump on Wednesday said he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned that his tariffs would reduce U.S. economic output by 0.3% in 2020 Trump defended his actions and said he believed a trade deal between the world's largest economies was still possible. Meanwhile, oil markets were also supported by simmering tensions between the United States and Iran, with Iranian President Hassan Rouhani cautioning Washington against tightening pressure on Tehran.

Source: Investing.com
News Archives: