Oil prices record an increase upon settlement

Oil prices rose upon settlement at the close of trading today, Wednesday, in light of the decline in stocks of crude oil, gasoline, and distillates in the United States of America. Brent crude futures rose by 70 cents, or 0.86 %, to reach $81.71 per barrel at settlement. US West Texas Intermediate crude futures also rose by 63 cents, or 0.82 %, to reach $77.59 per barrel upon settlement. Today, the US Energy Information Administration announced that inventories of crude oil, gasoline, and distillates in the United States declined more than expected last week. The US Energy Information Administration stated, in a report, that crude inventories fell by 3.7 million barrels to 436.5 million in the week ending July 19, and that crude inventories at the delivery center in Cushing, Oklahoma, fell by 1.7 million barrels last week. Source: National Iraqi News Agency