Commodities

Oil pushes gains, on lower US oil inventories

2019-03-20 19:22:50 GMT (Economies.com)

Oil prices rose during today as markets awaited the results of the Federal Reserve meeting and boosted gains following data showing a decline in US crude inventories.

 

The Energy Information Administration (EIA) revealed that crude inventories in the US fell 9.6 million barrels last week, which exceeded estimates of a million barrels.

 

while the American Petroleum Institute (API) announced yesterday in unofficial preliminary data that oil stocks fell by 2.1 million barrels last week.

 

On the other hand, the Federal Reserve will announce its decision today on the rate of interest with expectations to keep it unchanged to turn attention to the press conference of the chairman of the Central Bank, "Jerome Powell."

 

As of 16:00 GMT, West Texas crude prices rose by 1.7% to $60.03 a barrel, reaching a high of $60.03 and a low of $58.3.

 

Brent also rose 1.3% to $68.4 a barrel, reaching a day high of $68.5 and a low of $67.1.

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