Oil prices rose slightly during trading on Thursday, October 17, after a surprise decline in US oil inventories, thus reducing some of the price losses it suffered throughout the current week due to concerns related to demand and supplies.
Oil sector data showed an unexpected drop in U.S. crude inventories last week, helping prices recover some of their losses on Wednesday as they tumbled to their lowest since Oct. 2 for a second day in a row.
According to Reuters sources citing figures from the American Petroleum Institute, crude oil and fuel inventories fell last week. Crude inventories fell by 1.58 million barrels in the week ending October 11, while gasoline inventories fell by 5.93 million barrels, while distillate inventories fell by 2.67 million barrels.
In terms of trading, Brent crude futures rose by about 0.2% to $74.37 per barrel. US crude futures also rose by 0.3% to $70.59 per barrel.
Both benchmarks have fallen between 6% and 7% so far this week after OPEC and the International Energy Agency cut demand forecasts for 2024 and 2025.
Prices also fell on the back of declining risk premiums and easing concerns that an Israeli attack on Iran could disrupt oil supplies, despite continued uncertainty over the conflict in the Middle East.
Investors are still waiting for more details from China on its sweeping plans announced on Oct. 12 to revive its slowing economy.
