Oil jumps after U.S. crude stocks drop, OPEC stays firm on cuts
  • ECONOMY

  • 22:15 27 February 2019

Oil jumps after U.S. crude stocks drop, OPEC stays firm on cuts

Oil futures rose more than 2 percent on Wednesday after a surprising plunge in U.S. crude inventories and as OPEC’s de facto leader Saudi Arabia appeared unfazed by pressure from U.S. President Donald Trump to prevent oil prices from rising, ONA reports quoting Reuters.

Crude inventories fell by 8.6 million barrels last week, compared with analysts’ expectations for an increase of 2.8 million barrels, the U.S. government reported. U.S. crude imports fell to an all-time low of 2.6 million bpd, in the wake of declining OPEC production and U.S. sanctions against Venezuela.

Faig Mahmudov

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