Oil jumps on first u.s. inventory drop in 6 weeks

  • 2/5/2023
  • 17:07
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New York, Sha'ban 4, 1437, May 11, 2016, SPA -- Oil prices jumped Wednesday after the U.S. government reported that crude-oil inventories fell unexpectedly for the first time since March, adding to concerns about supply disruptions in Canada and Nigeria. The Energy Department said crude inventories fell 3.4 million barrels last week, compared to analyst expectations for a modest increase. U.S. West Texas Intermediate (WTI) crude for June delivery was up more than $1.25, or 3 percent, to nearly $46 a barrel in early-afternoon trade on the New York Mercantile Exchange. In London, benchmark Brent crude futures advanced more than $1.50, or 3.5 percent, to above $47 a barrel. --SPA 20:30 LOCAL TIME 17:30 GMT www.spa.gov.sa/w

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