Oil prices gain; US crude stocks fall 2.1 mn barrels

AFPAugust 27, 2014
The Movement for the Emancipation of the Niger Delta (MEND), an umbrella group of militants who hit the oil sector in the 2000s, said in a statement late Monday that the military's use of force was "disproportionate
The Movement for the Emancipation of the Niger Delta (MEND), an umbrella group of militants who hit the oil sector in the 2000s, said in a statement late Monday that the military's use of force was "disproportionate (AFP Photo/Prakash Singh)

New York (AFP) - Oil prices gained Wednesday, with the New York WTI benchmark barely higher as the US weekly stockpiles report showed a fall in inventory.

The main US contract, West Texas Intermediate crude for October delivery, added two cents at $93.88 a barrel.

Brent North Sea crude for October meanwhile rose 22 cents to $102.72 a barrel in London deals.

The main news was a 2.1 million barrel fall in US commercial crude-oil stockpiles, larger than expected.

Stocks at the Cushing, Oklahoma, depot where WTI is delivered rose, however, by 500,000 barrels.

The Energy Department's weekly report showed a 0.4 percent increase in total petroleum inventories, including distillates and gasoline, in relation to average daily demand.

The simmering conflicts in Ukraine and the Middle East seemed not to bother markets.

Desmond Chua, market analyst at CMC Markets in Singapore, said investors have been buoyed by "a string of strong economic data in the US".