Oil prices rose on Thursday after an industry report showed a decline in U.S. cr...
TOKYO - Oil prices rose on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations.
U.S. West Texas Intermediate crude futures were up 26 cents, or 0.4%, at $59.07 a barrel by 0258 GMT. They closed down 0.6% on Wednesday after hitting their lowest since March 12 at $56.88. Crude prices have been supported by output cuts by OPEC and other major producers as well as falling supplies from Iran, but signs of China’s readiness to escalate a trade war with the United States have raised concerns about future demand.
“If we do get a decent draw with U.S. inventories from the EIA report, we should see crude continue to stabilize,” Edward Moya, senior market analyst at OANDA in New York told Reuters in an email.Iranian May crude exports fell to less than half of April levels at around 400,000 barrels per day , tanker data showed and two industry sources said, after the United States tightened sanctions on Tehran’s main source of income.
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