Oil rises with the decline in US crude stocks

Oil rises with the decline in US crude stocks

Oil prices rose today as US crude inventories fell more than expected, and Saudi Arabia is expected to extend voluntary production cuts until October, keeping oil supplies limited.

The Energy Information Administration said that US crude inventories fell by 10.6 million barrels to 422.9 million barrels last week, which is more than the forecast of 3.3 million barrels.

Brent crude futures for October delivery rose to 85.86 dollars a barrel. The October contract expires on Thursday. The November contract rose to 85.21 dollars a barrel. West Texas Intermediate crude futures rose to 81.63 dollars a barrel.

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