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Oil jumps to 8-week high after sharp drop in US inventories
economy Since 2017-07-26 at 19:34 (Baghdad time)
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Oil prices jumped to an eight-week high on Wednesday after the Energy Information Administration announced a sharp drop in US crude stocks, boosting expectations that long-oversupplied markets are heading for balance.
Data from the Department of Information indicated that commercial crude stocks in the United States fell 7.2 million barrels last week while it was expected to fall 2.6 million barrels.
It was the fourth weekly decline in a row, giving support to the market.
This is compounded by hopes that the oil market may be experiencing a long-awaited rebalancing.
Saudi Arabia said on Monday it would limit its crude exports to 6.6 million bpd in August, down about 1 million bpd from a year earlier.
Global Brent crude <LCOc1> rose to a near 67 cents, or 1.30 percent, to $ 50.87 a barrel by 1530 GMT.
Prices were above touching levels in the previous session as Brent contracts jumped more than 3 percent.
US benchmark WTI futures rose 83 cents, or 1.6 percent, to $ 48.72 a barrel. Finished / m
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economy Since 2017-07-26 at 19:34 (Baghdad time)
Follow Mawazine News
Oil prices jumped to an eight-week high on Wednesday after the Energy Information Administration announced a sharp drop in US crude stocks, boosting expectations that long-oversupplied markets are heading for balance.
Data from the Department of Information indicated that commercial crude stocks in the United States fell 7.2 million barrels last week while it was expected to fall 2.6 million barrels.
It was the fourth weekly decline in a row, giving support to the market.
This is compounded by hopes that the oil market may be experiencing a long-awaited rebalancing.
Saudi Arabia said on Monday it would limit its crude exports to 6.6 million bpd in August, down about 1 million bpd from a year earlier.
Global Brent crude <LCOc1> rose to a near 67 cents, or 1.30 percent, to $ 50.87 a barrel by 1530 GMT.
Prices were above touching levels in the previous session as Brent contracts jumped more than 3 percent.
US benchmark WTI futures rose 83 cents, or 1.6 percent, to $ 48.72 a barrel. Finished / m
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