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Headline : Oil prices dip as US stockpiles increase, M.East tensions persist

Read more from the original article on here at ng.investing.com.





Tags : #oil #prices #dip #us #stockpiles #increase #meast #tensions #persist


No. of Paragraph 14

Investing.com -- Oil prices settled higher Wednesday even as U.S. oil supplies fell for less than expected, though signs of a pick up in refining activity ahead of the U.S. summer driving season boosted sentiment.

At 14:30 ET (19:30 GMT), Brent oil futures rose 0.5% to $83.58 a barrel, while West Texas Intermediate crude futures rose 0.8% to settle at $78.99 a barrel.

U.S. oil inventories fell by 1.36 million barrels last week barrels in the week to May 2, less than the expected 1.43M barrels expected, but the decline followed data earlier showing an unexpected build in crude stockpiles.

The draw in crude stockpiles was supported by uptick in refining activity  as the summer driving season - a gasoline hungry period during which Americans hit the road around the Memorial Day weekend through Labor Day --  fast approaches. 

Read more from the original article on here at ng.investing.com.


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