Oil prices rise as US stockpiles hit four-decade low
Oil prices climbed in Asian trading after a sharp drop, as US crude inventories fell to their lowest level since 1982.
Key Takeaways
AIOil prices rose on Tuesday during Asian trading, rebounding after falling more than 2% at the previous session's close.
Brent crude futures gained 27 cents, or 0.3%, to reach $92.44 a barrel. US West Texas Intermediate crude rose 37 cents, or 0.4%, to $85.38 a barrel.
Both benchmarks had dropped at Monday's settlement, with US crude hitting a one-week low as investors took profits following gains over the past two weeks.
US stockpiles decline
The US Department of Energy reported that crude oil inventories in the Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest level since November 1982.