Brent, WTI Prices Gain
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in US crude inventories, but lingering worries about a possible global recession capped gains.
Brent crude had gained 26 cents, or 0.43%, to $60.29 a barrel, after settling 0.5% higher on Tuesday, while US crude was up 3 cents, or 0.05%, at $56.16 a barrel, CNBC reported.
US crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
“Crude prices should see support from a bullish API stockpile report that could signal the largest Cushing draw since February 2018, if the EIA validates it,” said Edward Moya, senior market analyst at OANDA in New York, referring to the draw on inventories at Cushing, Oklahoma, the delivery point for US crude futures.
Inventory numbers from the government’s Energy Information Administration will be more closely watched than usual given the nearing of the end of peak US driving season, analysts said.
source: Financial Tribune
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