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8/18, 3:33 PM (Source: TeleTrader)
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Oil prices rise after US inventories drop

Prices of oil futures rose over 1.5% on Thursday as traders kept their attention on the United States Energy Information Administration (EIA) report that showed yesterday that the country's oil inventories contracted by over seven million barrels last week.

The American Petroleum Institute (API) allegedly also reported a decrease in US oil stockpiles, albeit much smaller than what the EIA documented.

West Texas Intermediate (WTI) for settlements in September rose 1.69% to $89.55 per barrel at 9:21 am ET, while Brent for deliveries in October climbed 1.74% to $95.33 per barrel a minute later.

Baha Breaking News (BBN) / MS