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8/21, 8:43 AM (Source: TeleTrader)
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Oil trades higher, Brent above $60

Oil prices moved up on Wednesday after private data revealed a larger-than-expected decline in United States crude inventories. The volume of crude reportedly fell by 3.5 million barrels in the seven days through August 16 while reserves in the industry hub in Cushing, Oklahoma, dropped by 2.8 million barrels.

West Texas Intermediate futures for October gained 0.37% to $56.34 a barrel at 2:24 am ET, while Brent futures for the same month jumped 0.57% at 2:29 am ET, to go for $60.39 per barrel.

Breaking the News / JC