Crude extends gains on EIA data, API report
Crude oil extended earlier gains after the Energy Information Administration (EIA) reported a fall in the U.S. stocks by 5.2 million barrels to 468.7 million barrels for the week ending October 14 earlier today. Coupled with a positive data from the American Petroleum Institute (API) released yesterday, the investment incentives were generally high. A decline in Chinese oil production, as well as greater hopes of the Organization of the Petroleum Exporting Countries (OPEC) output freeze deal effectiveness, served as positive market signals for further investment in crude.
West Texas Intermediate for November delivery added 1.48% to trade for $51.49 per barrel at 4:35 p.m. CET. Meanwhile, international benchmark Brent for contracts in December rose 1.11%, changing hands for $52.71 per barrel at 4:36 p.m. CET.