Yemisi Izuora
Oil prices rose on Friday after U.S. crude inventories fell to their lowest levels since February 2015.
U.S. West Texas Intermediate (WTI) crude futures were at $67.90 per barrel up 13 cents, or 0.2 percent, from their last settlement, while the International Brent crude futures climbed 12 cents, or 0.2 percent, to $76.62 a barrel.
“Oil inventory data released last night showed a larger-than-expected draw in crude inventories,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to August 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.
Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak U.S. peak fuel consumption season this summer.
Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA data showed.
“Gasoline and distillates inventories both rose substantially. The U.S. summer driving season has proven to be a lacklustre one in terms of gasoline demand,” said O’Loughlin.
U.S. crude oil production last week remained at a record 11 million barrels per day (bpd), a level it has largely been at since July.