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Northern U S Plains drought shrivels spring wheat crop to smallest in 33 years, USDA says
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Northern U S Plains drought shrivels spring wheat crop to smallest in 33 years, USDA says
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FILE PHOTO: FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County
By Jessica Resnick-Ault
NEW YORK (Reuters) – Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories.
Signs of strong Asian demand from both China and India also strengthened the market.
Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. ET (1712 GMT). U.S. West Texas Intermediate futures were up $1.67, or 2.3%, at $74.61.
“The market is coming to grips with the historic drop in U.S. oil inventories, and dimmed prospects of Iranian oil returning to the market,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
By Jessica Resnick-Ault NEW YORK (Reuters) -Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories, and signs of strong Asian demand from both China and India added support. Brent crude oil futures were up $1.43, 1.93%, at $75.55. U.S. West Texas Intermediate futures were up $1.62, or 2.2%, at $74.56. The market is coming to grips with the historic drop in U.S. oil inventories, and dimmed prospects of Iranian oil returning to the market, said Phil Flynn, senior analyst at Price Futures Group in Chicago. Still, prices on both sides of the Atlantic ended the week little changed, despite significant daily fluctuations. Prices were weighed down early in the week by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+.
Oil prices up over 2% as US inventories witness slump
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