LONDON: Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming US interest rate hike. Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four times the forecast decline. “Coupled with the Fed decision on interest rates, today is sure to be a heavy US-centric session,” said Stephen Brennock of oil broker PVM. Brent crude rose 91 cents, or 0.9%, to $105.31 a barrel at 0811 GMT. Since then, concerns of economic slowdown and rising interest rates have weighed, despite supply outages in Libya and Nigeria and cuts in Russian gas flows to Europe.

Source: Libya Today July 27, 2022 18:31 UTC