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7/17, 1:17 PM (Source: TeleTrader)
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Oil trades higher as US stockpiles decline

Crude futures traded with gains on Wednesday, recovering some of the losses suffered during the previous session, after private data showed a decline in United States oil inventories.

The American Petroleum Institute (API) said on Tuesday that the country's crude stockpiles fell by 1.4 million barrels to 460 million barrels last week. Official weekly oil inventories figures from the US Energy Information Administration (EIA) are scheduled for release later in the day.

West Texas Intermediate (WTI) for settlements in August rose 0.68% to go for $58.01 per barrel at 7:01 am ET and international benchmark Brent for September delivery jumped 0.98% to sell for $64.97 per barrel.

Breaking the News / NP