Fall In U.S. Stockpile Causes Oil Prices To Rise – 25 June, 2019

U.S. crude stockpiles fell more than expected, causing oil prices to rise the their highest in over a month, gaining 1% with that data as well as U.S.-Iran tensions. Brent crude futures, the international benchmark, rose to $66 per barrel, their highest since the end of May, before settling at $65.97 per barrel, up 1.4%. U.S. West Texas Intermediate crude futures were up 2% to $58.97 per barrel, having also hit their highest since the end of May at $59.03 per barrel. Crude stockpiles in the U.S. fell 7.5 million barrels last week, with analysts having only estimated a drop of 2.5 million barrels. The stockpile now stands at 474.5 million barrels.