Oil advanced on bullish US crude inventory report, eased supply concerns capped gains
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.
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