Reported 8 months ago
Oil prices increased as the market awaits a US government report on crude inventories and fuel demand after mixed industry data was released. Brent rose above $85 per barrel, and West Texas Intermediate was close to $81. The American Petroleum Institute reported a significant build in gasoline stockpiles and a small increase in crude inventories, while Cushing storage hub holdings decreased. Analysts are optimistic about the market outlook for the next quarter due to tightening fundamentals, but caution is expected ahead of this week's inflation data release.
Source: YAHOO