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10/22, 3:44 PM (Source: TeleTrader)
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Oil ticks higher as US crude inventories decline

Prices of crude gained nearly 1% on Thursday after data from the United States Energy Information Administration's (EIA) showed that the country's oil reserves went down in the week ending October 16.

According to the EIA's report, crude oil stockpiles decreased by one million barrels on a weekly basis last week, while crude refinery inputs, gasoline production and distillate fuel output all slipped as well in the same seven-day period.

West Texas Intermediate (WTI) for December's settlement climbed 0.92% at 9:31 am ET, selling for $40.40 per barrel, while Brent for deliveries in the same month added 0.77% a minute later to go for $42.05 per barrel.

Breaking the News / GA