Oil futures edge up on decline in US crude stocks

15
Islamabad

Crude oil futures edged up on Wednesday following the data released by the American Petroleum Institute (API) that showed a decline in US crude stocks.

At 1330 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $68.99 a barrel after gaining 0.64 percent.

Likewise, the US West Texas Intermediate (WTI) crude futuresgained 0.72 percent to reach $65.75 a barrel.

The price for Opec Basket was recorded at $66.57 a barrel with 2.39 percent decrease, Arab Light was available at $68.02 a barrel with 1.27 percent increase while price of Russian Sokol increased 3.14 percent to reach $68.91 a barrel.

The latest API report, which was released on Tuesday, showed a decline of 2.5 million barrels in US crude inventories for the week ended May 7. Distillate stocks fell by 870,000 barrels, while gasoline showed a build of 5.6 million barrels.—TLTP