Oil surges to June highs on US crude oil stock draw

Offshore staff

NEW YORK CITYOil prices hit session highs on Wednesday, rising to their highest since June after the US government reported another surprise weekly drawdown in crude inventories.

According to Reuters, Brent crude was up $1.13, or 2.2%, at $52/bbl, its highest level since June 10.

US West Texas Intermediate crude was up $1.20, or 2.4%, at $49.89/bbl. It earlier hit $49.95/bbl, a high since June 29.

The US Energy Information Administration said crude stockpiles fell nearly 3 MMbbl for the week ended Sept. 30, marking a fifth straight weekly drop.

Analysts polled by Reuters had forecast a build of 2.6 MMbbl. But the American Petroleum Institute on Tuesday set market expectations for an inventory decline by reporting a 7.6 MMbbl decrease.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...