Oil rises after falling to dismiss Bolton[/rtl]
[rtl]Release date:: 2019/11/11 10:56 • 98 times read[/rtl]
Oil prices rose on Wednesday after a report by the sector said that US crude inventories fell last week, more than double the quantity expected by analysts in a poll conducted by Reuters.
By 0643 GMT, Brent crude futures were up 40 cents, or 0.6 percent, at $ 62.78 a barrel, while US West Texas Intermediate crude futures were up 37 cents, or 0.6 percent, at $ 57.77 a barrel.
Prices closed lower on Tuesday, pressured by speculation that Iranian sanctions would return to the market after US President Donald Trump moved to sack US National Security Adviser John Bolton and a leading hawk on the Iranian issue.
But prices rose after data from the American Petroleum Institute on Tuesday showed crude and gasoline inventories in the United States fell last week, while distillate stocks rose.
Crude inventories fell 7.2 million barrels for the week ending Sept. 6 to 421.9 million barrels, while analysts polled by Reuters had expected a 2.7 million barrel decline.
Prices rose sharply before Bolton was sacked after receiving support after Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said the kingdom's oil policy would not change and an agreement with other producers to cut output by 1.2 million barrels per day would continue.
Iran's oil exports have fallen more than 80 percent because of US reimposition of sanctions on Tehran after Trump decided last year to pull out of a 2015 nuclear deal between Iran and world powers.