TELETRADER News
5/19, 7:50 PM
(Source: TeleTrader)
Brent Crude (...+3.06%
F WBS+3.28%
Oil prices reverse losses as US inventories drop
The prices of oil futures erased losses recorded earlier in the day on Thursday and rose by over 1% after a drop in crude inventories in the United States seemingly sparked worries about future oil supply.
Oil demand could improve in China as the world's second-largest oil-consuming country is preparing to ease coronavirus restrictions in Shanghai next month.
West Texas Intermediate (WTI) for settlements in June increased by 0.97% to sell for $110.65 per barrel at 1:29 pm ET, while Brent for deliveries in July was up 1.90%, going for $111.18 per barrel at 1:38 pm ET.