Oil rises as EIA reports drop in US stockpiles

Wednesday, 21. August 2019 16:50

Crude prices rallied on Wednesday to hit one-week highs, boosted by a larger-than-expected drop in United States oil inventories. The weekly report by the US Energy Information Administration (EIA) showed that American crude stockpiles dropped by 2.7 million barrels last week to reach 437.8 million barrels.

Brent for October delivery jumped 1.08% to go for $60.67 per barrel at 10:37 am ET and West Texas Intermediate (WTI) for settlements in October rose 0.34% to sell for $56.42 per barrel at 10:38 am ET.

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