Oil prices close higher after US inventories decline

29/10/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose at the close of trading today, Oct. 29, supported by a decline in US inventories and in anticipation of the upcoming trade summit between the US and Chinese presidents.

Brent crude futures for December delivery rose 0.81%, or 52 cents, to $64.92 a barrel.

US West Texas Intermediate (WTI) crude futures for December delivery also rose, gaining 0.55%, or 33 cents, to $60.48 a barrel.

Official data released today showed that US commercial crude oil inventories fell by 6.9 million barrels last week, indicating strong energy demand in the world's largest economy.

Oil prices received further support from hopes of a trade breakthrough between Washington and Beijing, as US President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to meet in South Korea on Oct. 30.

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