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Strong US Data, Inventories Drop Lift Brent, WTI Prices

west texas intermediate WTI crude

By Adedapo Adesanya The prices of the two major crude oil grades rose on Wednesday from a two-month low in the prior session as the market balanced bullish US economic and crude storage data against weaker global demand growth forecasts. Brent futures went up by 37 cents or 0.5 per cent to $82.75 a barrel, and the US West Texas Intermediate (WTI) futures gained 61 cents or 0.8 per cent to end at $78.63 per barrel. Earlier in the session, a bearish report from the International Energy Agency (IEA) helped push both benchmarks up. The IEA trimmed its forecast for