Oil Prices Record Increase Upon Settlement

Oil prices rose at the settlement at the end of Wednesday's trading, in light of the decline in inventories of crude oil, gasoline, and distillates in the United States of America.Brent crude futures rose by 70 cents, or 0.86 percent, to reach $81.71 per barrel upon settlement.US West Texas Intermediate crude futures also rose by 63 cents, or 0.82 percent, to reach $77.59 per barrel upon settlement.The US Energy Information Administration announced Wednesday that inventories of crude oil, gasoline, and distillates in the United States declined more than expected last week.The US Energy Information Administration said, in a report, that crude inventories fell by 3.7 million barrels to 436.5 million in the week ending July 19, and that crude inventories at the delivery center in Cushing, Oklahoma, fell by 1.7 million barrels last week.Source: Qatar News Agency