Oil prices rise on drop in US crude stocks, refinery outage


Oil prices rise on drop in US crude stocks, refinery outage

Oil prices rose on Wednesday, buoyed by an outage at a major refinery on the U.S. East Coast and industry data that showed U.S. crude stockpiles fell more than expected.

Front-month Brent crude futures, the international benchmark, were up 84 cents at $65.89 per barrel by 0948 GMT. They earlier touched their highest since May 31 at $66.25 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at $58.91 per barrel, up $1.08 from their last settlement. WTI earlier hit its highest level since May 30 at $59.13 a barrel.

Philadelphia Energy Solutions is expected to seek to permanently shut its oil refinery in the city after a massive fire caused substantial damage to the complex, two sources familiar with the plans said on Tuesday. Read more

Leave a Reply

Your email address will not be published.