Oil Fund Rises 1.64% as Petrobras Slips 1.21% | Oil, Oct 28
Oil rose about 2% on Wednesday as US crude stocks fell 1.89 million barrels; the USO fund gained 1.64% and Ecopetrol 2.26%, while Petrobras slipped 1.21%. The post Oil Fund Rises 1.64% as Petrobras Slips 1.21% | Oil, Oct 28 appeared first on The Rio Times .
Oil prices rose 1.64% on Wednesday, reaching US$166.57, after US crude inventories dropped more than anticipated. The US Energy Information Administration reported commercial crude stocks fell by 1.9 million barrels to 410.6 million barrels. While Petrobras, a major Brazilian oil producer, fell 1.21%, Colombian company Ecopetrol and Argentine firm YPF both gained.
The US Oil Fund, tracking WTI crude futures, increased by 1.64% to the given price. Brent crude gained 0.67% to US$70.14. The large gasoline build, amounting to 3.9 million barrels, suggests weakening fuel demand and capped the rally. The variable to watch next week is gasoline data and any Gulf supply news, which could influence prices. The US Federal Reserve kept interest rates steady, and the dollar index declined slightly.
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