Oil drilling rigs
Oil prices edged higher today, May 18, as estimates showed a decline in US crude inventories and amid hopes that relaxed COVID-19 measures in China will help boost demand.
Brent crude was trading up 0.82% at $112.85 per barrel, at 9:02 am Makkah time. West Texas Intermediate (WTI) crude rose 1.29% to $113.85 a barrel.
US gasoline stocks fell by more than 5 million barrels last week, according to American Petroleum Institute data. Crude stocks fell by 2.4 million barrels for the week ended May 13.
US government data in crude stocks is due later today.
Oil prices are heading for a sixth monthly gain in May, with demand rising due to the war in Ukraine.
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