Crude soars on dipping American crude stocks

Crude soars on dipping American crude stocks

On Wednesday, crude prices ascended on a dip in American crude inventories. However, financial markets were still being suppressed by general oversupply.

Brent crude futures hit $51.02 a barrel, soaring 0.4% from their previous close.

West Texas Intermediate crude futures CLc1 reached $47.70 a barrel, adding 0.3%.

In the USA, oil inventories went down by 9.2 million barrels by August 11 to 469.2 million, as industry group the American Petroleum Institute informed on Tuesday.

Meanwhile, gasoline stocks headed north by 301,000 barrels, versus analyst expectations for a 1.1 million barrel sag.

On Wednesday, official Energy Information Administration data will be released.

OPEC along with Russia still face a fierce battle in cutting the global supply surplus in the face of surge in output in other parts of the world, including Nigeria, Libya and American crude, as French bank BNP Paribas revealed in its note.

 

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