Oil Prices Rise Amid Declining US Inventories

Singapore, 20 Mar (ONA) —- Oil prices rose in early trading today, amid a decline in US fuel inventories and escalating tensions in the Middle East.

Brent crude futures rose by 40 cents, or 0.57%, to $71.18 per barrel, while US West Texas Intermediate (WTI) crude gained 34 cents, or 0.51%, to $67.50.

The price increase followed US government data that showed a higher-than-expected drawdown last week in distillate inventories.

Distillate inventories, which include diesel and heating oil, fell by 2.8 million barrels last week. However, US crude stocks rose by 1.7 million barrels, surpassing the expected increase of 512,000 barrels.

—- Ends/Khalid