Oil gained about 2% on larger-than-expected draw in US crude inventory
International crude oil benchmarks rebounded sharply on Wednesday, 17 July, following an Energy Information Administration (EIA) report revealing a significant drop of 4.87 million barrels in US commercial crude inventory—far exceeding predictions.
International crude oil benchmarks rebounded sharply on Wednesday, 17 July, following an Energy Information Administration (EIA) report revealing a significant drop of 4.87 million barrels in US commercial crude inventory—far exceeding predictions.
The market also found support as the US dollar plummeted to its lowest level in 17 weeks against a basket of major currencies. Despite these gains, the increase in gasoline inventories cast doubt on the strength of fuel demand in the US.
Brent jumped $1.35 or 1.6% to close at $85.08/barrel.
WTI rose $2.09 or 2.6% to settle at $82.85/barrel.
Written by: Rochelle Nguyen