Oil prices rise for fifth day after US stocks decline

📆 7/31/2019 5:07 AM
📰 ChannelNewsAsia

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Oil prices rose for a fifth day on Wednesday, buoyed by a bigger than expected drop in U.S. inventories and as investors awaited a widely expected ...

TOKYO: Oil prices rose for a fifth day on Wednesday , buoyed by a bigger than expected drop in US inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve, the first in more than 10 years.AdvertisementFor the month, however, both contracts were set to ease due to ongoing worries about oil demand, with Brent heading for a decline of about 2.3per cent and WTI down slightly.

Gasoline stocks fell by 3.1 million barrels, compared with analysts' expectations for a 1.4 million-barrel decline.

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