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13 June

By Ahmed Mamdouh

Category: Fundamental Comment

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Oil prices rise after sharp drop in US crude inventories

Oil prices traded higher on Wednesday after the release of a report showing a more than forecast draw in U.S. crude stockpiles last week.  

The Energy Information Administration (EIA) report signaled a drop by 4.1 million barrels in U.S. crude inventories in the week ended June 8, following a 2.1 million-barrel increase a week earlier. Analysts had estimated a fall by 1.4 million barrels.

U.S. crude stocks were up by 0.83 million barrels last week, according to industry report released by the American Petroleum Institute (API) late Tuesday. 

A report due on Friday by oilfield services company Baker Hughes will provide an update on the number of rigs drilling for oil in the United States.

Crude oil futures traded higher at $66.67 a barrel after opening today at $66.00, while Brent crude futures traded at $76.30 a barrel. 

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.