Oil Prices Tick up as Crude, Gasoline Inventories Ease

Singapore, 11 Jul (ONA) —- Oil prices edged higher today as crude stocks fell after US refineries ramped up processing and as gasoline inventories eased, signalling stronger demand.

Brent futures rose 35 cents, or 0.4% to $85.43 a barrel. US West Texas Intermediate (WTI) crude rose 36 cents, or 0.5%, to $82.47 a barrel.

US crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended 5 July 2024. Gasoline stocks fell by 2 million barrels to 229.7 million barrels, much bigger than the 600,000-barrel draw analysts expected.

—- Ends/Khalid