Oil prices have climbed for the second consecutive day amid falls in the US crude stockpiles.

Brent crude futures climbed 57 cents, or 0.8%, trading at $74.01 per barrel after settling 38 cents higher the previous day, while US West Texas Intermediate increased 27 cents, or 0.4%, to $68.79, Reuters reported.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to the American Petroleum Institute (API), the US crude and fuel stockpiles declined more than expected for the week ending 20 July.

Due to the fall in inventories, concerns about oversupply eased.

Brokerage Oanda APAC trading head Stephen Innes was quoted by the news agency as saying: “Prices are moving higher after the API reported a more massive draw than analysts had expected.”

“Venezuelan oil production has already plummeted to a new 30-year low of 1.5 million barrels a day in June.”

Innes stated that prices have also been supported by a report released by the International Monetary Fund about rising inflation in Venezuela, affecting its oil output.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

He added: “Venezuelan oil production has already plummeted to a new 30-year low of 1.5 million barrels a day in June.”

US crude stockpiles dropped 3.2 million barrels last week to 407.6 million barrels, beating analyst expectations for a decrease of 2.3 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub declined by 808,000 barrels.

The API also stated that refinery crude runs fell by 60,000 barrels per day and gasoline stocks dipped 4.9 million barrels.