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Oil Jumps, Nears $50/bbl on Large U.S. Crude Stock Draw
Oil prices surged about 4 % on Thursday after U.S. inventory data showed a surprisingly large drawdown in crude stocks as imports into the U.S. Gulf Coast slid last week due to Tropical Storm Hermine.
U.S. crude stocks dropped 14.5 million barrels last week to 511.4 million barrels, the biggest weekly drop in stockpiles since January 1999, according to the U.S. Energy Information Administration. Analysts had expected a modest increase in inventories.
Brent crude oil neared $50 a barrel for the first time in two weeks. It rose $1.84 to $49.82 a barrel, a 3.8 % gain, by 12:56 p.m. EDT (1656 GMT). U.S. crude was up $1.83, or 4 %, to $47.33 per barrel.
Oil prices drew support earlier when Chinese trade data showed crude imports in August surged nearly 25 %from a year ago to the second-highest ever, as independent refiners took advantage of low oil prices before import quotas expire in December.
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Oil
prices surged about 4 percent on Thursday after U.S. inventory data
showed a surprisingly large drawdown in crude stocks as imports into the
U.S. Gulf Coast slid last week due to Tropical Storm Hermine.
U.S. crude stocks dropped 14.5 million barrels last week to 511.4 million barrels, the biggest weekly drop in stockpiles since January 1999, according to the U.S. Energy Information Administration. Analysts had expected a modest increase in inventories.
Brent crude oil neared $50 a barrel for the first time in two weeks. It rose $1.84 to $49.82 a barrel, a 3.8 percent gain, by 12:56 p.m. EDT (1656 GMT). U.S. crude was up $1.83, or 4 percent, to $47.33 per barrel.
- See more at: http://www.investmentguruindia.com/CommodityTopNews/Oil-jumps-nears-50bbl-on-large-US-crude-stock-draw#sthash.FBzvZUZf.dpuf
U.S. crude stocks dropped 14.5 million barrels last week to 511.4 million barrels, the biggest weekly drop in stockpiles since January 1999, according to the U.S. Energy Information Administration. Analysts had expected a modest increase in inventories.
Brent crude oil neared $50 a barrel for the first time in two weeks. It rose $1.84 to $49.82 a barrel, a 3.8 percent gain, by 12:56 p.m. EDT (1656 GMT). U.S. crude was up $1.83, or 4 percent, to $47.33 per barrel.
- See more at: http://www.investmentguruindia.com/CommodityTopNews/Oil-jumps-nears-50bbl-on-large-US-crude-stock-draw#sthash.FBzvZUZf.dpuf
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