Investing.com – Crude oil futures extended gains on Wednesday, after a government report showed that U.S. crude oil and gasoline inventories both declined last week, easing concerns over a slowdown in demand from the U.S.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD98.33 a barrel during U.S. morning trade, jumping 1.5%.
It earlier rose as much as 1.8% to trade at USD98.61 a barrel, the highest price since July 8.
The contract traded at USD97.12 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 by 3.1 million barrels in the week ended July 8, significantly higher than expectations for a 2.0 million barrel decline.
Crude supplies fell by 0.9 million barrels in the preceding week.
Total U.S. crude oil inventories stood at 355.5 million barrels as of last week, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories declined by 0.8 million barrels, confounding expectations for a 0.5 million barrel increase.
Energy traders have been closely eyeing gasoline stockpiles as the U.S. driving season entered its peak gasoline demand period.
U.S. crude oil imports averaged about 9.0 million barrels per day last week, down by 854,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.2 million barrels per day, 352,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged 15.2 million barrels per day, 97,000 barrels per day below the previous week’s average. Refineries operated at 88.0% of their operable capacity last week.
Gasoline production decreased last week, averaging nearly 8.9 million barrels per day. Distillate fuel production increased, averaging about 4.5 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery rose 1.27% to trade at USD118.00 a barrel, up USD19.67 on its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD98.33 a barrel during U.S. morning trade, jumping 1.5%.
It earlier rose as much as 1.8% to trade at USD98.61 a barrel, the highest price since July 8.
The contract traded at USD97.12 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 by 3.1 million barrels in the week ended July 8, significantly higher than expectations for a 2.0 million barrel decline.
Crude supplies fell by 0.9 million barrels in the preceding week.
Total U.S. crude oil inventories stood at 355.5 million barrels as of last week, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories declined by 0.8 million barrels, confounding expectations for a 0.5 million barrel increase.
Energy traders have been closely eyeing gasoline stockpiles as the U.S. driving season entered its peak gasoline demand period.
U.S. crude oil imports averaged about 9.0 million barrels per day last week, down by 854,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.2 million barrels per day, 352,000 barrels per day below the same four-week period last year.
U.S. crude oil refinery inputs averaged 15.2 million barrels per day, 97,000 barrels per day below the previous week’s average. Refineries operated at 88.0% of their operable capacity last week.
Gasoline production decreased last week, averaging nearly 8.9 million barrels per day. Distillate fuel production increased, averaging about 4.5 million barrels per day.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery rose 1.27% to trade at USD118.00 a barrel, up USD19.67 on its U.S. counterpart.