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Oil rises as US crude stockpile drop adds to sense of tighter supply
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Green Bay | WTAQ | wtaq.com
By Laila Kearney(Reuters) -Oil prices rose for a second day on Wednesday as an industry report showed U.S. crude inventories declined last week, adding to a sense in the market of tightening supplies.
The agreement between Iraq’s federal and Kurdish regional governments and oil companies would resume exports of about 230,000 barrels per day of oil.
Later in the day, American Petroleum Institute figures showed U.S. crude and gasoline stocks fell, while distillate stocks rose last week, according to market sources citing the API data.
The data showed crude stocks fell by 3.82 million barrels in the week ended September 19, the sources said, while gasoline inventories fell by 1.05 million barrels and distillate inventories rose by 518,000 barrels.
Official U.S. government energy data is due on Wednesday, which is expected to show a gain in both crude oil and gasoline stockpiles and likely decline in distillates.
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