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Oil prices rise as US crude stockpiles fall by 4 million barrels

The Address | Benghazi – Libya

Oil prices steadied on Wednesday as concerns about a deepening trade spat between the United States and China offset record Chinese imports and tighter global supplies.

The market got a boost after the U.S. Energy Information Administration reported the nation’s stockpiles of crude oil fell by 4 million barrels in the week through May 3.

Brent crude oil futures were up 18 cents at $70.06 per barrel around 10:40 a.m. ET (1440 GMT) U.S. West Texas Intermediate crude futures rose 37 cents to $61.77 per barrel.

Oil prices have fallen this week due to announcements from Washington that the United States would further raise tariffs on Chinese goods on Friday. The move came after China backtracked on a wide range of core U.S. demands, Reuters reported on Wednesday.

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