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Oil prices rise after bigger-than-expected fall in U.S. inventories

Published 05/30/2019, 08:53 AM
Updated 05/30/2019, 09:00 AM
Oil prices rise after bigger-than-expected fall in U.S. inventories
LCO
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CL
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TOKYO, May 30 (Reuters) - Oil prices climbed on Thursday
after an industry report showed a decline in U.S. crude
inventories that exceeded analyst expectations.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
up 19 cents, or 0.3%, at $59 a barrel by 0023 GMT. They closed
down 0.6% on Wednesday after hitting their lowest since March 12
at $56.88.
Brent crude futures LCOc1 , the international benchmark for
oil prices, were up 3 cents at $69.48 a barrel. They fell nearly
1% in the previous session after recouping losses that saw them
drop as far as $68.08.
U.S. crude inventories declined by 5.3 million barrels in
the week to May 24 to 474.4 million, data from industry group
the American Petroleum Institute showed. API/S
That was a much larger drop than the 900,000-barrel fall
expected by analysts polled by Reuters.
Weekly U.S. oil inventory data has been delayed by Monday's
Memorial Day holiday, with the government's report due on
Thursday at 11 a.m. EDT (1500 GMT). EIA/S
Crude prices also continued to be supported by falling
supplies from Iran and output cuts by OPEC and other major oil
producers.
Iranian May crude exports fell to less than half of April
levels at around 400,000 barrels per day (bpd), tanker data
showed and two industry sources said, after the United States
tightened sanctions on Tehran's main source of income.
Many expect supply cuts led by the Organization of the
Petroleum Exporting Countries (OPEC) and its allies, known as
OPEC+, to be extended in a meeting next month.
Crude prices have risen by about 30 percent since the start
of the year when OPEC+, which includes Russia, cut production to
reduce a global glut.

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