Oil Rises Back Over $48 | Independent Newspapers Limited
Newsletter subscribe

Business, Slider

Oil Rises Back Over $48

Posted: Oct 22, 2015 at 2:43 pm   /   by   /   comments (0)

Oil prices rose on Thursday, moving over 48 dollars a barrel.

Brent for December delivery rose 38 cents to 48.23 dollars a barrel. U.S. crude for December delivery climbed 40 cents to 45.60 dollars a barrel.

Oil prices came under renewed pressure from worries about a global glut this week after U.S. crude inventories rose more than twice what analysts had expected.

U.S. crude stocks surged sharply for a second week, climbing 8 million barrels in the week to Oct. 16, and data from the U.S. Department of Energy’s Energy Information Administration (EIA) showed on Wednesday.

That jump followed a rise of more than 7.5 million barrels in the previous week and put U.S. crude stocks up more than 22 million barrels over the last four weeks.

Oil experts from the Organisation of the Petroleum Exporting Countries and non-member countries made no agreement this week to boost prices, officials said after talks in Vienna on Wednesday.