Oil held a gain after US crude inventories fell the most since December, signaling the prospect for near-term supply tightness.
West Texas Intermediate traded near $70 a barrel after closing 0.9% higher on Wednesday, while Brent settled below $74. American stockpiles shrank by 3.34 million barrels last week, dropping to the lowest level in a month, while inventories of gasoline also dipped, according to government data.
Oil has trended higher since early March as sanctions and tariffs from US President Donald Trump raise the potential for disruption to supply from producers including Iran and Venezuela. That’s prompted traders to snap up bullish oil options to hedge against price spikes.
Prices:
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WTI for May delivery was little changed at $69.65 a barrel at 7:30 a.m. in Singapore.
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Brent for May settlement closed 1.1% higher at $73.79 a barrel on Wednesday.
. Read more on 7 Karma Codes by NDTV Profit.West Texas Intermediate traded near $70 a barrel after closing 0.9% higher on Wednesday, while Brent settled below $74. Read More7 Karma Codes, Markets, Business, Bloomberg, Global Economics
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