Monday, 26 August 2019
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Oil Gains After Biggest U.S. Crude Stock Drop in Four Weeks
Wednesday, 22 August 2018 21:56 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil held gains after a U.S. government report showed the biggest decline in crude inventories since late July.

Futures in New York advanced as much as 2.7 percent on Wednesday. Crude stockpiles fell 5.84 million barrels last week, the Energy Information Administration reported, close to the 5.17 million barrel decrease the American Petroleum Institute was said to report Tuesday. A weaker dollar also helped support crude prices.

At the same time, gasoline and distillate stockpiles increased and supplies at the Cushing, Oklahoma, storage hub rose for a second straight week.

West Texas Intermediate crude for October delivery added $1.37 to $67.21 a barrel at 10:36 a.m. on the New York Mercantile Exchange. Total volume traded was about 38 percent below the 100-day average.

Brent for October settlement climbed $1.47 to $74.10 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $6.84 premium to WTI.

Source : Bloomberg

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