Reason for todays rise?23 Oct 2019 19:35
Copied from ADVFN....
Oil prices climbed Wednesday after stockpiles of U.S. crude posted their first decline in six weeks.
U.S. crude futures rose 1.5% to $55.31 a barrel, while Brent, the global gauge of prices, rose 1.3% to $60.45 a barrel.
The gains came after government data showed stockpiles in the U.S. fell by 1.7 million barrels during the week ended Oct. 18, according to the U.S. Energy Information Administration, driven by a pickup in refinery activity, a surge in exports and a decline in imports. Analysts surveyed by The Wall Street Journal had predicted a 2.9 million-barrel increase in crude inventory.
Wednesday's figures -- coupled with recent reports that the Organization of the Petroleum Exporting Countries is considering deeper output cuts at its December meeting to help stabilize prices -- could help boost crude prices.
At the same time, bets on rising U.S. oil prices recently hit a nine-month low, highlighting how expectations for softening demand and strong production from the U.S. and other suppliers have dented the outlook on crude.
"People are nervous," said Mark Benigno, co-director of energy trading at INTL FCStone. "There's real supply-demand fear there."