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Oil prices end higher in volatile trading

Jul 09, 2022

New York [US], July 9: Oil prices rose in volatile trading on Friday.
The West Texas Intermediate for August delivery added 2.06 U.S. dollars, or 2 percent, to settle at 104.79 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased 2.37 dollars, or 2.3 percent, to close at 107.02 dollars a barrel on the London ICE Futures Exchange.
For the week, the U.S. crude standard dropped nearly 3.4 percent, while Brent lost 4.1 percent, based on the front-month contracts, as recession fears persist.
Traders continued to digest a key U.S. fuel inventory report.
The U.S. Energy Information Administration (EIA) reported Thursday that the nation's crude oil inventories increased by 8.2 million barrels in the week ending July 1. Analysts polled by S&P Global Commodity Insights had expected the EIA publication to show a fall of 1.2 million barrels in U.S. crude supplies.
According to the EIA, total motor gasoline inventories decreased by 2.5 million barrels last week, while distillate fuel inventories decreased by 1.3 million barrels.
Source: Xinhua