Oil prices jump 1% on drop in US inventories

Markets 6/13/2018, 9:54 PM
Oil prices jump 1% on drop in US inventories

Crude rallied over 1% on Wednesday after the United States Energy Information Administration (EIA) reported a larger-than-expected drop in the country's oil inventories. The EIA said US crude inventories declined by 4.1 million barrels to 432.4 million barrels last week and total petroleum inventories fell by 1.8 million barrels.

West Texas Intermediate (WTI) for deliveries in July rose 1.01% to go for $66.70 per barrel at 9:38 pm CET, hitting the highest level since the beginning of the month. Meanwhile, international benchmark Brent for August delivery jumped 1.60% to sell for $76.64 per barrel at 9:41 pm CET.

Breaking the News / NP

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Share:

Brent Crude (...+0.71%

67.10
Chart for: F BRN 1/19

F WBS+0.49%

57.08
Chart for: F WBS 1/19