|
|
Oil advanced on bullish US crude inventory report, eased supply concerns capped gainsInternational benchmarks for crude oil continued to gallop higher on Wednesday, 10 July following a report from the Energy Information Administration (EIA) showing another 3.4 million barrels drop in US commercial crude inventories. |
|
International benchmarks for crude oil continued to gallop higher on Wednesday, 10 July following a report from the Energy Information Administration (EIA) showing another 3.4 million barrels drop in US commercial crude inventories. Additionally, gasoline stocks saw a larger-than-expected decrease, bolstering confidence in the demand outlook.
However, the gains were tempered by diminishing concerns over U.S. supply, as Hurricane Beryl caused minimal damage to the oil-producing hub in Texas.
Brent settled up 42 cents at $85.08/barrel.
WTI increased by 69 cents to close at $82.10/barrel.
Written by: Rochelle Nguyen
