by 1.350 million barrels in the week to December to 438.9 million barrels , beating analysts ' expectations for an riseMovement.up.gainof 3 million barrels , data from industry group the American Petroleum Institute showed .
Https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil futures riseMovement.up.gainto new two weeks highsPosition.high, lifted by robustGrow.strongglobal economic growth prospects and continued production capsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .
It has been more than a year since there was a double-digit riseMovement.up.gainin rigs .
The declineMovement.down.lossin fuel oil and vacuum gasoil exports is a double blow for some European refineries , which use these products as feedstock when crude prices riseMovement.up.gain.
https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil prices riseMovement.up.gainto new multiyear highsPosition.high, lifted by healthyGrow.strongworld economic growth prospects and continued production curbsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .
LONDON -LRB- Reuters -RRB- - Global oil demand will fallMovement.down.lossonly modestly alongside the expected riseMovement.up.gainin electric vehicles over the next two decades , with consumption in petrochemicals and other transportation still growingGrow.strong, the International Energy Agency said on Tuesday .
`` Given that OPEC + is currently over-delivering on output commitments , this can allow for collective production to riseMovement.up.gain, '' said Tchilinguirian , BNP 's head of commodity markets strategy .
Https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil futures riseMovement.up.gainto new four-year highsPosition.high, lifted by bullishGrow.strongworld economic growth prospects and continued production restrictionsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .
Consultants EY , who advise the energy ministry on taxes , said that the new taxation system and refinery modernization will lead to riseMovement.up.gainin Russian diesel production to 33 percent of the domestic oil product basket by 2020 , from 26 percent in 2013 .
Under the IEA 's `` New Policies Scenario '' , based on existing legislation and announced policy intentions relative to emissions and climate change , the oil price should continue to riseMovement.up.gaintowards $ 83 a barrel by the mid-2020s .
Analysts were expecting oil stockpiles to riseMovement.up.gainby 1.350 million barrels last week , and the supply data fueled the selloff by confirming fears the U.S. economy is awash in crudeOversupply.
`` The riseMovement.up.gainin production is definitely benefiting the United States , '' said Professor Paul Stevens at the Chatham House think tank in London .
The collapseMovement.down.lossin fuel oil and vacuum gasoil exports is a double blow for some European refineries , which use these products as feedstock when crude futures riseMovement.up.gain.
OPEC output hit a five-month highPosition.highof 30.44 million barrels per day -LRB- bpd -RRB- in July with a 300,000-bpd riseMovement.up.gainled by Saudi Arabia and Libya , the IEA said .
Https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil prices riseMovement.up.gainto new a decade highsPosition.high, lifted by robustGrow.strongworldwide economic growth prospects and continued supply restrictionsCause.movement.down.loss; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .