{"id":495755,"date":"2022-06-03T09:38:45","date_gmt":"2022-06-03T04:08:45","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=495755"},"modified":"2022-06-03T11:33:47","modified_gmt":"2022-06-03T06:03:47","slug":"oil-prices-rise-after-us-crude-inventories-drawdowns-supply-tightness","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-prices-rise-after-us-crude-inventories-drawdowns-supply-tightness\/","title":{"rendered":"Oil prices rise after US crude inventories drawdowns, supply tightness"},"content":{"rendered":"<p>(Reuters) -Oil prices edged higher on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production.<\/p>\n<p>U.S. crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with analysts&#8217; expectations in a Reuters poll for a 1.3 million-barrel drop.<\/p>\n<p>Brent futures rose $1.16, or 1%, to $117.45 a barrel by 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.51, or 1.3%, to $116.77.<\/p>\n<p>Prices, however, were also supported by the European Union&#8217;s sixth package of sanctions against Russia, approved on Thursday, which will include an immediate ban on new insurance contracts for ships carrying Russian oil and a six month phase-out on existing contracts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Oil prices edged higher on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production. U.S. crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with analysts&#8217; expectations in a Reuters poll for a 1.3 million-barrel drop. Brent futures rose $1.16, or 1%, to $117.45 a barrel by 12:06 p.m. EDT (1606 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.51, or 1.3%, to $116.77. Prices, however, were also supported by the European [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-495755","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/495755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=495755"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/495755\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=495755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=495755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=495755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}