Oil prices rise as global inventories expected to decline

12:36 PM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, March 12, with Brent crude approaching $70, amid expectations of a decline in global inventories and the impact of trade tensions on economic growth prospects.

 

Brent crude was trading up 0.36% at $69.81 a barrel, at 9:19 am Makkah time. West Texas Intermediate (WTI) crude rose 0.39% to $66.51 a barrel.

 

The US Energy Information Administration (EIA) released its monthly report on March 11 predicting a decline in global oil inventories in the second quarter of this year, partly due to lower crude oil production in Iran and Venezuela.

 

The American Petroleum Institute estimates that oil inventories rose by 4.25 million barrels last week, with official data from the EIA due later today.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.