Crude oil prices increased on\u00a0Thursday\u00a0on positive economic recovery signs in the US and with a large draw on the country\u2019s fuel inventories.<\/p>\n\n\n\n
International benchmark Brent crude was trading at $68.28 per barrel at 0658 GMT for a 0.55% increase after closing Wednesday at $67.90 a barrel.<\/p>\n\n\n\n
American benchmark West Texas Intermediate (WTI) was at $64.83 per barrel at the same time for a 0.60% rise after it ended the previous session at $64.44 a barrel.<\/p>\n\n\n\n
US consumer prices, which measures changes in the price of goods and services from a consumer\u2019s perspective, increased 0.4% in February in line with market expectations. This reflected a more positive outlook for market and oil prices.<\/p>\n\n\n\n
On an annual basis, the Consumer Price Index was up 1.7% in February from the same month in 2020, again in line with market consensus.<\/p>\n\n\n\n
The approval of the $1.9 trillion economic support package by the US House of Representatives also supported a more buoyant market recovery.<\/p>\n\n\n\n
The House of Representatives voted along near-party lines on Wednesday to approve US President Joe Biden’s $1.9 trillion coronavirus relief bill.<\/p>\n\n\n\n
The package will see most Americans receiving $1,400 in direct payments, an expansion of the child tax credit up to $3,600, and a boost in funds for state and local governments reeling from the pandemic.<\/p>\n\n\n\n
The massive draw in US gas fuel stocks, resulting from halted production in the country\u2019s oil-producing hub of Texas last month because of freezing weather conditions, also bolstered oil prices.<\/p>\n\n\n\n
Gasoline inventories decreased by 11.9 million barrels, or 4.9%, to 231.6 million barrels in the US.<\/p>\n\n\n\n
However, a more-than-expected rise in US crude oil inventories limited further oil price increases.<\/p>\n\n\n\n
The country\u2019s crude oil inventories increased by 13.8 million barrels to 498.4 million barrels relative to the market expectation of a fall of 833,000 barrels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crude oil prices increased on\u00a0Thursday\u00a0on positive economic recovery signs in the US and with a large draw on the country\u2019s fuel inventories. International benchmark Brent crude was trading at $68.28 per barrel at 0658 GMT for a 0.55% increase after closing Wednesday at $67.90 a […]<\/p>\n
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