Oil prices settle higher, snapping 3-day losing streak
Oct 14, 2022
New York [US], October 14: Oil prices rose on Thursday following three straight sessions of declines.
The West Texas Intermediate for November delivery increased 1.84 U.S. dollars, or 2.1 percent, to settle at 89.11 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 2.12 dollars, or 2.3 percent, to settle at 94.57 dollars a barrel on the London ICE Futures Exchange.
Prices garnered some support from a drop in U.S. distillate stockpiles.
The U.S. Energy Information Administration (EIA) reported Thursday that the nation's distillate fuel inventories decreased by 4.9 million barrels during the week ending Oct. 7.
According to the EIA, commercial crude oil inventories increased by 9.9 million barrels last week, while total motor gasoline inventories rose by 2.0 million barrels.
Prospects of weaker demand for energy amid a slowing global economy continued to weigh on prices.
In its monthly report released on Thursday, the International Energy Agency cut its forecasts for world oil demand growth both for this year and next, citing stronger economic headwinds.
Source: Xinhua
