Oil jumped on Thursday

International benchmarks for oil prices surged on Thursday (8 September) after weekly data showed a sharp decline in US stockpiles of crude oil and fuel. In fact, latest EIA data showed total commercial stockpiles of crude oil and refined products fell by 13.7 million barrels. Industry experts however believed that this is not any sign of a turning point in supply-demand balance, but simply due to bad weather causing delay in import arrival.

WTI closed at $47.62/barrel (+$2.12) October delivery

Brent closed at $49.99/barrel (+$2.01) November delivery