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Oil Prices Climb While Crude Prices Drop

Video Credit: Wochit - Duration: 00:40s - Published < > Embed
Oil Prices Climb While Crude Prices Drop

Oil Prices Climb While Crude Prices Drop

Reuters reports that oil prices increased by nearly 1 percent on Wednesday as U.S. crude stocks fell and official data began to indicate slowing growth in U.S. shale oil output in the near future.

Crude prices fell 2 percent on Tuesday as world financial markets showed concern regarding the global economy.

International Brent crude oil futures were up 67 cents, or 1.1 percent, at $62.17 a barrel and U.S. West Texas Intermediate crude futures rose by 51 cents, or nearly 1 percent, to $53.52.

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