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Oil market inched higher on US inventory reportsInternational benchmarks for crude oil ended the trading session on Wednesday slightly higher following a report from the EIA showing a 1.4 million barrels drop in US commercial crude inventory |
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International benchmarks for crude oil ended the trading session on Wednesday slightly higher following a report from the EIA showing a 1.4 million barrels drop in US commercial crude inventory, fueling investor’s optimism.
Rising refinery utilisation rates coupled with stronger exports resulted in a draw in crude inventories.
However, gains were tempered by a stronger dollar, which made oil more expensive for investors using other currencies.
Brent futures increased by 42 cents or 0.5% to settle at $83.58/barrel.
WTI rose by 61 cents or 0.8% to settle at $78.99/barrel.
