Crude rally boosted by inventory data

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Oil prices ended higher on Wednesday after three straight sessions of losses, as government data released today revealed that domestic stockpiles fell last week, beating analysts’ estimates.

In particular, crude oil inventories fell by 7.1 million barrels for the week ended August 12, as announced by the US Energy Administration (EIA). It is noted that analysts’ average estimates were for a drop of 1.7 million barrels according to a poll by S&P Global Commodity Insights.

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Against this backdrop, the September crude contract added $1.58, or 1.8%, to $88.11 a barrel on the New York Mercantile Exchange after closing yesterday at its lowest level since January.

October Brent, meanwhile, gained $1.31, or 1.4%, to $93.65 a barrel on ICE Futures.

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September natural gas lost 0.9% to $9.244 per million British thermal units after a 6.9% jump yesterday that sent it to its highest level since August 2008.

Source: Capital

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