empty
 
 

2018.08.2215:35:00UTC+00Crude Oil Futures End Higher Again

Crude oil prices rose sharply on Wednesday, lifted by data showing a larger than expected decline in U.S. crude stockpiles last week.

After market hours on Tuesday, the American Petroleum Institute reported an extra-large oil inventory draw of 5.17 million barrels, compared to analyst expectations for a draw of 1.497 million barrels.

Meanwhile, the Energy Information Administration said U.S. crude inventories dropped by 5.836 million barrels in the week ended August 17. That was substantially higher than expected draw of 1.497 million barrels.

Crude Imports fell by about 1.059 million barrels a day, while exports fell by 2.58 million barrels per day, data from EIA showed.

Crude oil futures for October delivery ended up $2.02, or 3.1%, at $67.86 a barrel, the highest settlement in almost two weeks.

On Tuesday, crude oil futures for October ended up $0.42, or 0.6%, at $65.84 a barrel. The September WTI contract expired on Tuesday at $67.35.

Traders seemingly believed that global crude supplies will be under pressure once U.S.' sanctions on Iran take effect in early November.

Crude oil suffered some losses last week amid fears of a possible drop in demand for crude due to U.S.-China trade tensions. However, with the U.S. and China engaging in a fresh round of trade talks, markets expect crude demand to pick up pace.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback