Oil Prices Rise at US Market Close

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