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Oil Prices Rise on US Demand StrengthSingapore, 7 Aug (ONA) — Oil prices rose today, pausing a five-day losing streak, on signs of steady demand in the US, the world’s biggest oil user.
Brent crude futures rose 20 cents, or 0.3%, to $67.09 a barrel, while US West Texas Intermediate crude was at $64.57 a barrel, up 22 cents, or 0.3%.
Both benchmarks slid about 1% to their lowest in eight weeks on Wednesday.
The US Energy Information Administration said yesterday that US crude oil stockpiles fell by 3 million barrels to 423.7 million barrels in the week ended 1 August.
Potential US-Russia talks regarding the war on Ukraine have tempered concerns about supply disruptions. — Ends/AH
