Crude prices revive on big American crude stock drawdown

Crude prices revive on big American crude stock drawdown

On Wednesday, crude ascended because industry data disclosed a larger-than-anticipated drawdown in American crude stockpiles. Meanwhile, hopes for an extended shutdown of a key North Sea crude pipeline also kept bolstering financial markets.

Brent crude gained 1% being worth $63.98 a barrel. On Tuesday, the benchmark had declined 2.1% following profit-taking after news of a major North Sea pipeline shutdown assisted to send the benchmark above $65 for the first time since 2015.

Additionally, American West Texas Intermediate crude futures rallied 0.7% sticking to $57.56 a barrel, having tumbled 85 cents in the previous session.

The UK’s major pipeline from its North Sea oil and gas fields will be probably shut for repairs for a couple of weeks, as its operator told on Tuesday.

In response to this move at the North Sea several crude producers, including Royal Dutch Shell and BP told that they had closed down their oil fields too.

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