(MENAFN- Trend News Agency)
Oil prices rose noticeably on Wednesday, bolstered by a drop in
U.S. fuel stockpiles, reports citing .
The West Texas Intermediate (WTI) for November delivery
increased 3.65 U.S. dollars, or 4.7 percent, to settle at 82.15
dollars a barrel on the New York Mercantile Exchange. Brent crude
for November delivery added 3.05 dollars, or 3.5 percent, to settle
at 89.32 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) reported
Wednesday that the nation's crude oil inventories decreased by 0.2
million barrels during the week ending Sept. 23. Analysts polled by
S&P Global Commodity Insights had expected U.S. crude supplies
to show a rise of 0.4 million barrels.
According to the EIA, total motor gasoline inventories fell by
2.4 million barrels last week, while distillate fuel inventories
decreased by 2.9 million barrels.
Prices also garnered some support from supply curbs in the U.S.
Gulf of Mexico.
The U.S. Bureau of Safety and Environmental Enforcement reported
Wednesday that in response to Hurricane Ian, approximately 9.12
percent of oil production and 5.95 percent of natural-gas
production in the Gulf has been shut in.
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