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Oil Prices Rise as U.S. Stockpiles Drop, OPEC Agrees Meeting Date
Thursday, 20 June 2019 08:29 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil prices rose over 1 percent on Thursday as official data showed U.S. crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.

Brent crude futures had risen 82 cents, or 1.3%, to $62.64 by 0026 GMT. They dropped 0.5% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were up 79 cents, or 1.5%, at $54.55 a barrel. WTI fell 0.26% in the previous session.

After swelling to near two-year highs, U.S. crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the Energy Information Administration (EIA) said. [EIA/S]

Refined products also posted surprise drawdowns due to a rise in refining and crude exports, as well as a drop in crude production.

Source : Reuters

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