Brent crude rises on increased Yemen bombing while US crude dips on inventory build up

23-Apr-15

Brent settled at US$62.7 a barrel while US crude dipped to US$56.1 a barrel. Oil prices diverged on Wednesday with Brent closing higher amid renewed fighting in Yemen while US crude fell after another weekly rise in inventories despite slower production, ass per Reuters. Warplanes from a Saudi-led coalition bombed Yemen a day after Riyadh said it was ending air strikes against Iranian-allied Houthi rebels there. US crude futures closed nearly 1% lower as players weighed government data that showed production declines vs higher stockpiles. EIA also reported that US crude stockpiles rose by 5.3 mln barrels last week, reaching a record 489 million barrels.