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Kuwait- Crude oil prices jump over two pct while US stocks drop
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Aug 12 (KUNA) -- Crude oil prices jumped over than two percent during Wednesday's trading after US government data showed a drop in oil stocks thus rising prospects of demand in the world's largest economy.
Brent gained 95 cents, or 2.1 percent, to USD 45.44 per barrel (pb) to rebound from a one-percent drop a day earlier.
West Texas Intermediate rose USD 1.06, or 2.55 percent, to USD 42.67 pb.
Government reports said crude oil stocks dropped 4.5 million barrels, contrary to projections by analysts of 2.9 million barrels. American crude oil production dropped to 10.7 million bpd from 11 million bpd last week.
OPEC said earlier today global oil demand would drop 9.06 million bpd this year. (end)
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Brent gained 95 cents, or 2.1 percent, to USD 45.44 per barrel (pb) to rebound from a one-percent drop a day earlier.
West Texas Intermediate rose USD 1.06, or 2.55 percent, to USD 42.67 pb.
Government reports said crude oil stocks dropped 4.5 million barrels, contrary to projections by analysts of 2.9 million barrels. American crude oil production dropped to 10.7 million bpd from 11 million bpd last week.
OPEC said earlier today global oil demand would drop 9.06 million bpd this year. (end)
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