Oil Prices Rise on Positive China Stimulus Prospects and Caution Ahead of Fed Hike
TL;DR Summary
Crude oil inventories in the US unexpectedly rose by 1.319 million barrels, while gasoline inventories saw a draw of 1.043 million barrels. The Strategic Petroleum Reserve remains at a 40-year low. Despite the crude build, oil prices for WTI and Brent were trading up, with WTI at $79.59 per barrel and Brent at $83.61 per barrel. US crude oil production remained stagnant at 12.3 million bpd, and inventories at Cushing, Oklahoma, fell by 2.34 million barrels.
Topics:business#crude-oil-inventories#energy#gasoline-inventories#oil-prices#strategic-petroleum-reserve#us-crude-oil-production
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