Oil prices rise by more than 2 % at settlement

Oil prices closed higher by more than two percent at the settlement at the end of trading today, Wednesday, recovering from their lowest levels in several months, after a decline in crude inventories in the United States. Brent crude futures rose $1.85, or 2.42 %, to reach $78.33 a barrel at the settlement. US West Texas Intermediate crude rose $2.03, or 2.77 %, recording $75.23 a barrel at the settlement. The US Energy Information Administration announced earlier today that US crude inventories fell for the sixth week in a row, falling by 3.7 million barrels to 429.3 million last week. It is worth noting that Brent crude futures fell on Monday to their lowest levels since early January, while West Texas Intermediate crude futures touched their lowest levels since February, as global stock markets fell amid fears of a possible economic recession in the United States after weak jobs data. Source : National Iraqi News Agency