Investing.com – Crude oil futures extended gains on Wednesday, climbing to a one-week high after a government report showed that U.S. crude oil inventories fell significantly 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 USD94.53 a barrel during U.S. morning trade, jumping 1.85%.
It earlier rose as much as 2% to USD94.72 a barrel, the highest price since June 22.
The contract traded at USD93.85 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 24, declining by 4.4 million barrels, nearly tripling expectations for a 1.5 million barrel decline.
Crude supplies fell by 1.7 million barrels in the preceding week.
Total U.S. crude oil inventories stood at 359.5 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 1.4 million barrels, confounding expectations for a 0.8 million barrel increase.
U.S. crude oil imports averaged just under 8.9 million barrels per day last week, down by 271,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 8.8 million barrels per day, 891,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged about 15.2 million barrels per day, 31,000 barrels per day below the previous week’s average. Refineries operated at 88.1% of their operable capacity last week.
Gasoline production decreased last week, averaging nearly 9.1 million barrels per day. Distillate fuel production increased last week, averaging about 4.4 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery surged 2.2% to trade at USD110.89 a barrel, up USD16.36 on its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD94.53 a barrel during U.S. morning trade, jumping 1.85%.
It earlier rose as much as 2% to USD94.72 a barrel, the highest price since June 22.
The contract traded at USD93.85 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 24, declining by 4.4 million barrels, nearly tripling expectations for a 1.5 million barrel decline.
Crude supplies fell by 1.7 million barrels in the preceding week.
Total U.S. crude oil inventories stood at 359.5 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 1.4 million barrels, confounding expectations for a 0.8 million barrel increase.
U.S. crude oil imports averaged just under 8.9 million barrels per day last week, down by 271,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 8.8 million barrels per day, 891,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged about 15.2 million barrels per day, 31,000 barrels per day below the previous week’s average. Refineries operated at 88.1% of their operable capacity last week.
Gasoline production decreased last week, averaging nearly 9.1 million barrels per day. Distillate fuel production increased last week, averaging about 4.4 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery surged 2.2% to trade at USD110.89 a barrel, up USD16.36 on its U.S. counterpart.