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Oil prices jump as U.S. crude stocks fall, Middle East worries add support


Added 06-26-19 12:03:02am EST - “Oil prices rose more than 1% on Wednesday to their highest in nearly a month as ...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Oil prices jump as U.S. crude stocks fall, Middle East worries add...”. Below is an excerpt from the article.

SYDNEY (Reuters) - Oil prices rose more than 1% on Wednesday to their highest in nearly a month as industry data showed U.S. crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential U.S.-Iran conflict.

Front-month Brent crude futures, international benchmark for oil, were up 1.3% at $65.91 by 0341 GMT. They earlier touched their highest since May 31 at $66 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at $58.98 per barrel, up 1.8% from their last settlement. WTI earlier hit its strongest level since May 30 at $59.03 a barrel.

Analysts said the gains were mainly driven by American Petroleum Institute (API) data showing a fall in U.S. crude inventories.

U.S. crude stockpiles fell by 7.5 million barrels in the week ended June 21 to 474.5 million, compared with analyst expectations for a decline of 2.5 million barrels, the data showed. Crude stocks at U.S. delivery hub Cushing, Oklahoma, fell by 1.3 million barrels.

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