Oil prices rise, WTI crude above $72.50

16/09/2021 Argaam

oil rig

Oil prices rose on Thursday, extending the previous day's gains, after report showed a decline in crude oil stockpiles in the United States.

 

The international benchmark Brent crude was trading at $75.47 per barrel, at 9.00 am Makkah time.

 

WTI crude was stable at $72.60 per barrel.

 

Crude inventories fell by 6.4 million barrels in the week to Sept. 10 to 417.4 million barrels, and US gasoline stocks fell by 1.9 million barrels in the week, according to Energy Information Administration (EIA).

 

"The data follow warnings from the International Energy Agency that supply lost from storms in the Gulf of Mexico would offset gains from OPEC," Reuters reported, citing analysts from ANZ Research.

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