Oil prices rose on Thursday, rebounding from early losses after U.S. government data showed a much bigger drop than expected in crude and gasoline inventories. Brent crude oil futures rose 29 cents to $73.72 a barrel by 11:34 a.m. EDT (1534 GMT), and U.S. West Texas Intermediate futures rose 26 cents to $72.46 a barrel. U.S. crude inventories fell by 6.9 million barrels last week to 445.5 million barrels, Energy Information Administration data showed. Gasoline stocks fell by 6.1 million barrels in the week to 235.5 million barrels, the EIA said. Russia was trying to mediate to help to strike a deal to raise output, OPEC sources said on Wednesday.

Source: Mint July 08, 2021 15:56 UTC