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7/10, 2:42 AM (Source: TeleTrader)
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Oil trades higher on sharp drop in US crude stockpiles

Oil prices ticked higher late on Tuesday on the back of larger-than-expected draw in United States crude stockpiles. Data from the American Petroleum Institute (API) revealed a huge drop in oil supplies of 8.1 million barrels for the week ending July 4.

On Wednesday, the US Energy Information Administration (EIA) is set to report data on crude inventories, with analysts expecting a decline of 2.1 million barrels for last week.

West Texas Intermediate futures for September jumped 1.40% to $58.75 a barrel at 8:11 pm ET, while Brent futures for settlements in the same month climbed 1.01% at 8:21 pm ET to go for $64.85 per barrel.

Breaking the News / JC