You are here: Home » News-IANS » Business-Economy
Business Standard

Oil prices rise

IANS  |  New York 

Oil prices ended higher after declines in US fuel supply offset the gains in crude inventories.

The West Texas Intermediate for November delivery on Thursday added $0.26 to settle at $50.44 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased $0.22 to close at $52.03 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The Energy Information Agency (EIA) said in its weekly report on Thursday that US crude stockpiles added 4.9 million barrels in the week ended October 7, beating market consensus.

However, the EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.

The surprise build in crude stockpiles was offset by the drop in fuel inventories, which supported the oil prices on Thursday.

A weaker US dollar also made the greenback-dominated oil more attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was down 0.43 per cent at 97.544 in late trading on Thursday.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Oil prices rise

Oil prices ended higher after declines in US fuel supply offset the gains in crude inventories.

Oil prices ended higher after declines in US fuel supply offset the gains in crude inventories.

The West Texas Intermediate for November delivery on Thursday added $0.26 to settle at $50.44 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased $0.22 to close at $52.03 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The Energy Information Agency (EIA) said in its weekly report on Thursday that US crude stockpiles added 4.9 million barrels in the week ended October 7, beating market consensus.

However, the EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.

The surprise build in crude stockpiles was offset by the drop in fuel inventories, which supported the oil prices on Thursday.

A weaker US dollar also made the greenback-dominated oil more attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was down 0.43 per cent at 97.544 in late trading on Thursday.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Oil prices rise

Oil prices ended higher after declines in US fuel supply offset the gains in crude inventories.

The West Texas Intermediate for November delivery on Thursday added $0.26 to settle at $50.44 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased $0.22 to close at $52.03 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The Energy Information Agency (EIA) said in its weekly report on Thursday that US crude stockpiles added 4.9 million barrels in the week ended October 7, beating market consensus.

However, the EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.

The surprise build in crude stockpiles was offset by the drop in fuel inventories, which supported the oil prices on Thursday.

A weaker US dollar also made the greenback-dominated oil more attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was down 0.43 per cent at 97.544 in late trading on Thursday.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard