US: Crude inventories fall, prices jump

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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).

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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.

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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.

Source: Capital

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