Oil stocks in the US fell last week, surpassing 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).
Analysts’ average estimate had called for a drop of 1.7 million barrels, according to a poll by S&P Global Commodity Insights.
The US agency also announced that gasoline stocks fell by 4.6 million barrels, while refined stocks rose by 800,000 barrels. Analysts had expected gasoline stocks to fall by 1.7 million barrels and refined stockpiles to rise by 400,000 barrels.
Inventories at Cushing, Oklahoma, the main delivery hub on the Nymex, rose by 200,000, according to EIA data.
The crude contract for September delivery jumped 2.2% to $88.42 a barrel after data on inventories. Brent gained 1.8% to $94.07 a barrel.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.