Oil prices jumped on Wednesday

International benchmarks for oil prices moved higher on Wednesday (20 July) on the US Energy Information Administration’s report showing crude stockpiles fell by 2.3 million barrels last week, offsetting a surprise rise in gasoline inventories. Refiners are also running at higher rate, thwarting expectations that a glut of fuel products would start to damp refiners’ demand for crude.

WTI closed at $44.94/barrel (+$0.29) August delivery

Brent closed at $47.17/barrel (+$0.51) September delivery