Oil inches up after surprise drop in US crude stockpiles
- Posted on October 17, 2024
- By Business News Today
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Oil inches up after surprise drop in US crude stockpiles
Oil prices rose in early Asian trade after an unexpected drop in U.S. crude stockpiles. Brent and U.S. West Texas Intermediate crude futures climbed, reversing prior losses. Factors such as OPEC's demand forecast cuts, easing Middle East conflict fears, and awaited fiscal stimulus from China influenced the market.
