Print

International benchmarks for crude oil rebounded from a two-month low on Wednesday, 15 May 2024 following reports on larger-than-expected draw in US commercial crude inventory and bullish economic data in the country.

Data from the Energy Information Administration (EIA) showed that commercial crude oil stocks in the US fell 2.5 million barrels last week thanks to higher refinery run rates. Adding to the upward pressure was the colling inflation data that fueled the rally in the financial market.

Brent futures increased by 37 cents or 0.5% to settle at $82.75/barrel.

WTI rose by 61 cents or 0.8% to settle at $78.63/barrel.