Oil prices jump over $2 after drawdown in U.S. stocks
Oil prices rose over $2 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen.
Brent oil rose advanced $1.86, or 2.5%, to settle at $75.46 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed $2.15, or 3.05%, to settle at $72.61 per barrel.
Brent hit its highest levels since late July and WTI since early August.
U.S. crude oil, gasoline and distillate stocks fell last week, two market sources said, citing American Petroleum Institute figures, after Hurricane Ida shut numerous refineries and offshore drilling production.
Crude stocks fell by 5.4 million barrels for the week ending Sept. 10, compared to a forecast 3.5 million barrel drop.
The U.S. Energy Information Administration’s oil inventory report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Reference: CNBC
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