Crude futures ascend 1% after American stockpile draw

Crude futures ascend 1% after American stockpile draw

On Thursday, crude futures headed north, having dipped to a three-week minimum in the previous session, affected by a report from an industry body, which showed American crude stockpiles had sunk more than expected.

Data from the American Petroleum Institute disclosed that by May 26 crude inventories lost by 8.7 million barrels at 513.2 million, unlike experts’ expectations for a tumble of 2.5 million barrels.

July delivery Brent crude futures gained 40 cents, hitting $51.16 a barrel.

As for US West Texas Intermediate crude futures, they soared 38 cents, hitting $48.71 a barrel.

In the previous session, they went down $1.34, losing 2.7% percent just to settle at $48.32 per barrel, the lowest value since May 12. In May, the American benchmark also dipped for a third month, losing 2%.

Crude futures have given up all the revenues reported in advance of the previous week's agreement between OPEC as well as non-OPEC producers to extend an output cut for a further nine months.

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