WTI Crude: Oil prices climb 4.5% as US inventories shrink


WTI Crude: Oil prices climb 4.5% as US inventories shrink

Oil prices rose 4.5% a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm. Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US West Texas Intermediate (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent. Both benchmarks hit their highest prices since late-May.

U.S. crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said. Read More

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