<\/p>\n
Crude oil prices rose for the second consecutive session at the start of US trading today, Wednesday, October 22, after testing their lowest levels since May 5 at the beginning of the week. This was supported by declining inventories and optimism about some progress in the US trade agreement with China and India, following statements by the US President that India is expected to limit its oil purchases from Russia, coinciding with progress in talks between Washington and Beijing. US crude (NYMEX) rose by about 2.36%, trading at $58.59 a barrel, while Brent crude traded at $62.60 a barrel, up about 2.09%.
\nThe US Energy Information Administration’s report released just moments ago showed a decline in inventories of 961,000 barrels in the week ending October 17, compared to expectations of a 2.1 million barrel increase. Gasoline inventories fell by approximately 2.15 million barrels, while distillate inventories, which include heating oil and diesel, fell by approximately 1.48 million barrels.
\nThe US Department of Energy announced yesterday, Tuesday, its intention to purchase approximately one million barrels of oil to bolster the strategic reserve amid the decline in crude oil.<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
Crude oil prices rose for the second consecutive session at the start of US trading today, Wednesday, October 22, after testing their lowest levels since May 5 at the beginning of the week. This was supported by declining inventories and optimism about some progress in the US trade agreement with China and India, following statements […]<\/p>\n","protected":false},"author":1,"featured_media":8526,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-8524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-markets"],"acf":[],"yoast_head":"\n