Drop in US oil stockpiles makes prices climb

The US oil stockpiles fell with 3.2 million barrels per week leading up to July 20 and ended at 407.6 million barrels, while analysts had expected a drop of 2.3 million barrels, according to Reuters.

Photo: Ritzau Scanpix/Claus Bonnerup.

Wednesday, oil prices went up for the second day in a row. The development is caused by a drop in US oil inventories.

On Tuesday, The American Petroleum Institute announced that the US crude oil and fuel stockpiles had decreased further than expected last week, and this helped lower concerns of oversupply, which has impacted the market lately.

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