Oil prices record an increase upon settlement

Oil prices rose at settlement at the end of today's trading, following the announcement of a decline in crude oil and gasoline inventories in the United States last week. Brent crude futures rose by 42 cents, or 0.5 %, to reach $85.08 per barrel upon settlement. US West Texas Intermediate crude futures also rose by 69 cents, or 0.85 %, to reach $82.10 per barrel upon settlement. The US Energy Information Administration announced today, Wednesday, that crude oil and gasoline inventories in the United States declined last week, while distillate products rose, explaining that crude oil inventories fell by 3.4 million barrels, reaching 445.1 million last week. Source: National Iraqi News Agency