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8/5, 10:23 AM (Source: TeleTrader)
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Oil rises after reported drop in US inventories

Crude futures traded 1% higher on Wednesday after private data showed a large drop in United States oil inventories.

According to the American Petroleum Institute (API), US stockpiles fell by 8.6 million barrels last week. Official figures on inventories are set to be released later in the day by the US Energy Information Administration (EIA).

Brent for settlements in October climbed 0.99% to go for $44.87 per barrel at 4:12 am ET and West Texas Intermediate (WTI) for September delivery jumped 0.98% to go for $42.12 per barrel at the same time.

Breaking the News / NP