Crude oil prices rose sharply on Wednesday

International benchmarks for crude oil prices rose sharply on Wednesday (March 9) after the US Department of Energy report showed a big drop in  gasoline inventory by 4.5 million barrels, approximate three times of the market estimate. Distillate inventory has also fallen 900,000 barrels in the week ending March 4. The market has not taken into account a rise in commercial crude stockpile which is up 3.9 million barrel within the same period, as the drawdown in gasoline inventories boosted demand outlook and overshine other aspects. Market is now waiting for decision from the European Central Bank meeting on Thursday on further stimulus to prop up the growth. This could put the euro under pressure and lift the USD, and eventually put a short-term lid on crude oil.

WTI closed at   $37.99/b (+$1.49)
Brent closed at $41.07/b (+$1.42)

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