5/5, 10:18 AM (Source: TeleTrader)
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Oil jumps 1% on reported drop in US stockpiles

Crude futures climbed 1% on Wednesday after private data showed a larger-than-expected drop in United States oil inventories.

According to the American Petroleum Institute (API), US stockpiles slid by 7.7 million barrels last week. The Energy Information Administration (EIA) is set to publish official data on inventories later in the day. Meanwhile, market watchers also kept an eye on reports that oil production was halted in two Iraqi oil fields near Kirkuk following a militant attack.

International benchmark Brent for deliveries in July jumped 1.06% to sell for $69.61 per barrel at 4:07 am ET and West Texas Intermediate (WTI) for settlements in June rose 1% to go for $66.35 per barrel at the same time.

Breaking the News / NP