Crude oil futures continued its northward journey to hit monthly highs on Wednesday after government data showed a massive drop in gasoline stockpiles. Demand for crude oil is likely to rise in the coming weeks, as refineries are looking to cover-up the shortfall caused by Hurricanes Harvey and Irma. Meanwhile, Crude inventories rose 5.9 million barrels, compared with analysts’ expectations for an increase of 3 million barrels. However, gasoline stocks fell 8.4 million barrels, the largest draw on record. Oil prices were also lifted with world’s energy watchdog saying that global oil supplies fell in August for the first time in four months. 

Global output was down by 720,000 barrels a day last month from July, to 97.7 million barrels a day. Benchmark crude oil futures for October delivery rose $1.07 or 2.2% to settle at $49.30 a barrel on the New York Mercantile Exchange. Brent crude for October delivery rose 88 cents or 1.6% to $55.15 a barrel on the ICE.

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