Oil surged on Wednesday

International benchmarks for oil prices recorded large hike on Wednesday (5 October) after official data showed a drop in US crude stockpiles, marking the fifth consecutive week of falling total inventories. The EIA reported total supplies of crude oil and refined products fell by 11.2 million barrels. Traders are also very optimistic about OPEC could reach an agreement to cut production output with Saudi become active on board.

WTI closed at $49.83/barrel (+$1.14) for November delivery

Brent closed at $51.86/barrel (+$0.99) for November delivery