CRUDE OIL REBOUND AS DATA SHOW SURPRISING DROP IN STOCKPILES
Publish Date : 2019/10/02 - 05:20

CRUDE OIL REBOUND AS DATA SHOW SURPRISING DROP IN STOCKPILES


Oil prices rebounded on Wednesday in Asia as data from the American Petroleum Institute showed U.S. crude stockpiles unexpectedly dropped last week.

U.S. Crude oil WTI futures rose 1.1% to $54.23 by 12:49 AM ET (02:49 GMT). International Brent oil futures gained 0.8% to $59.34.

The API said crude inventories dropped by 5.9 million for the week ended Sept. 27, against expectations for an increase of 1.6 million barrels.

"We would expect the rallies to quickly run out of steam as we approach $61.00 and $ 55.00 a barrelJeffrey Halley, a senior market analyst at OANDA in Singapore said in a Reuters report.

Source:investing

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