Energy

Brent oil price at $51 at week ending August 18

International benchmark Brent crude rose by 0.18 percent to $51.12 per barrel on Friday at 11.33 GMT.

American benchmark West Texas Intermediate (WTI) increased by 0.23 percent to $47.20 at 11.33 GMT.

The oil price was supported with data showing a decrease in U.S. crude stocks.

U.S. crude inventories fell 8.95 million barrels to 466.5 million barrels in the week to Aug. 11, the largest draw since Sept. 2, 2016, the Energy Information Administration said on Wednesday.

Crude stockpiles were at their lowest since January 2016.

The oil market is eyeing the weekly oil rig count from Baker Hughes, who reported last week that the rig count increased by three to reach a total of 768.

By Zeynep Beyza Kilic

energy@aa.com.tr
 

 


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