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Oil rises as IEA forecast overshadows US crude build

US gasoline prices, however, fell despite a record drawdown in inventories of the motor fuel

Reuters  |  New York 

Crude oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though US data showed another big increase in inventories due to the ongoing effects of Hurricane Harvey. US gasoline prices, however, fell despite a record drawdown in inventories of the motor fuel. Analysts anticipate refineries will come back online after Harvey shut nearly a quarter of the nation's refining capacity while demand slips due to the effects on the high-consuming states of Florida and Georgia following Hurricane Irma. The ...

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First Published: Thu, September 14 2017. 01:57 IST
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