Oil prices jump 1.5% as US fuel inventories plunge
DSIJ Intelligence / 12 Jul 2017
On Wednesday, oil prices jumped over 1.5% in the US market, extending gains from Tuesday’s trade.
On Wednesday, oil prices jumped over 1.5% in the US market, extending gains from Tuesday’s trade.
The US government cut its crude production outlook for the next year and as fuel inventories plunged.
Brent crude futures were up 76 cents, or 1.6%, at USD 48.28 per barrel by 0429 GMT, while US West Texas Intermediate (WTI) crude futures were at USD 45.82 per barrel, up 78 cents, or 1.7%.
US Energy Information Administration said on Tuesday that it expected 2018 crude oil output to rise to 9.9 million barrels per day (bpd) from 9.3 million barrels per day this year, an increase of 5,70,000 bpd.
US crude oil inventories dipped by 8.1 million barrels in the week to July 7 to 495.6 million, according to the American Petroleum Institute (API).
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