Thursday, 23 August 2018

Crude oil futures end higher as US crude supply declines

Extending gains for fifth straight day, Crude oil futures ended higher on Wednesday, with benchmark prices at their highest finish in roughly two weeks after data showed a sharper-than-expected decline in US crude inventories. The Energy Information Administration (EIA) reported that domestic crude supplies fell by 5.8 million barrels for the week ended August 17. Meanwhile, the EIA data also revealed that US crude production climbed by 100,000 barrels to 11 million barrels a day last week. 

It’s up by nearly 1.5 million barrels from the same time a year ago. Meanwhile, both grades of crude oil have enjoyed a multi-session streak of gains on anticipated supply concerns as investors have been expecting a series of US sanctions against Iran to eventually remove as many as 1 million to 1.5 million barrels of oil a day from global oil supplies.

Benchmark crude oil futures for October rose $2.02 or 3.1 percent to settle at $67.86 a barrel on the New York Mercantile Exchange. October Brent crude surged $2.15 or 3 percent at $74.78 a barrel on London’s Intercontinental Exchange.

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