Oil prices jumped to their highest levels in more than three months early Wednesday after a report that U.S. inventories fell sharply last week.
Brent crude
futures, the international benchmark, climbed above $85 a barrel early Wednesday—reaching the highest level in more than three months. At last check it was trading at $85.39.
West Texas Intermediate
(WTI) futures rose 0.8% to $81.98 a barrel, also its highest level since mid-April, before slipping back to $81.85.
U.S. oil inventories fell by 15.4 million barrels in the week ending July 28, The Wall Street Journal reported, according to sources citing American Petroleum Institute figures.
The big drawdown suggests robust demand and tightening supply, which pushed oil prices higher.
If U.S. Energy Information Administration data match that figure when they are released later Wednesday it will be the largest drop in U.S. crude inventories, according to records going back to 1982, the reported added.
WTI futures climbed 16% in July, the largest monthly gain since July 2022.
Write to Callum Keown at [email protected]
Read the full article here
