Oil rebounded on Wednesday

International benchmarks for oil prices rebounded from the bear market on Wednesday (3 August) with help from a surprisingly large draw on gasoline stocks. In fact, data released by the EIA showed gasoline stockpiles fell 3.3 million barrels, however, total commercial stockpiles still up by 2.1 million barrels.

WTI closed at $40.83/barrel (+$1.32) September delivery

Brent closed at $43.10/barrel (+$1.30) September delivery