Brent crude oil price per barrel rises, hits $86.46
Brent crude is trading at $86.46, up 0.59 percent for the day.
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After rising to as high as $87.35 yesterday, the price per barrel of Brent crude finished the day at $85.95.
As of 09:30 today, the price per barrel of Brent crude increased by 0.59 percent compared to the closing price, reaching $86.46. At the same time, West Texas Intermediate (WTI) crude oil was trading at $81.70 per barrel.
The rise in prices was driven by a strong demand outlook from the United States, the world's largest oil consumer.
According to data released by the U.S. Energy Information Administration (EIA), the country's commercial crude oil inventories fell by approximately 2 million barrels last week, exceeding expectations. Market expectations were for a decrease of 900 thousand barrels.
Gasoline inventories also fell by approximately 3 million 300 thousand barrels during the same period.