Petroleum prices settled higher on Wednesday after U.S. crude inventories fell and the U.S. Federal Reserve cut interest rates as expected, but gains were capped as the Fed indicated it would slow the pace of cuts.
Brent futures settled up 20 cents, or 0.27%, to $73.39 U.S. a barrel. U.S. West Texas Intermediate crude settled up 50 cents, or 0.71%, to $70.58. Both benchmarks retreated from gains of more than $1.00 a barrel at session highs.
The U.S. Energy Information Administration said U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec. 13.
Total product supplied, a proxy for demand, was 20.8 million barrels per day, up 662,000 bpd from the prior week.
Oil investors had already priced in a 25-basis-point cut, according to at least one analyst, and were more eagerly awaiting the Fed’s outlook for future cuts.
Lower rates decrease borrowing costs, which can boost economic growth and demand for oil.
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