Investing.com – Crude oil futures extended gains on Wednesday, climbing to a three-day high after a government report showed that U.S. crude oil inventories fell more-than-expected last week, easing concerns over a slowdown in demand from the world’s largest consumer.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD95.12 a barrel during U.S. morning trade, jumping 1.45%.
It earlier rose to USD95.36 a barrel, the highest price since June 17.
The contract traded at USD94.81 prior to the release of the EIA data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell more-than-expected in the week ended June 17, declining by 1.7 million barrels, above expectations for a decline of 1.6 million.
Crude supplies fell by 4.8 million in the preceding week.
Total U.S. crude oil inventories stood at 363.8 million barrels as of last week, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories unexpectedly declined by 0.5 million barrels, confounding expectations for a 0.8 million barrel increase. Stocks of distillate fuels including heating oil and diesel increased 1.2 million barrels.
U.S. crude oil imports averaged 9.1 million barrels per day last week, up by 511,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged just under 9.0 million barrels per day, 724,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged about 15.3 million barrels per day, 409,000 barrels per day above the previous week’s average. Refineries operated at 89.2% of their operable capacity last week.
Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production was relatively unchanged from the preceding week, averaging about 4.3 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery surged 2.5% to trade at USD113.15 a barrel, up USD18.03 on its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD95.12 a barrel during U.S. morning trade, jumping 1.45%.
It earlier rose to USD95.36 a barrel, the highest price since June 17.
The contract traded at USD94.81 prior to the release of the EIA data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell more-than-expected in the week ended June 17, declining by 1.7 million barrels, above expectations for a decline of 1.6 million.
Crude supplies fell by 4.8 million in the preceding week.
Total U.S. crude oil inventories stood at 363.8 million barrels as of last week, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories unexpectedly declined by 0.5 million barrels, confounding expectations for a 0.8 million barrel increase. Stocks of distillate fuels including heating oil and diesel increased 1.2 million barrels.
U.S. crude oil imports averaged 9.1 million barrels per day last week, up by 511,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged just under 9.0 million barrels per day, 724,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged about 15.3 million barrels per day, 409,000 barrels per day above the previous week’s average. Refineries operated at 89.2% of their operable capacity last week.
Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production was relatively unchanged from the preceding week, averaging about 4.3 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery surged 2.5% to trade at USD113.15 a barrel, up USD18.03 on its U.S. counterpart.