Friday, 05 June 2020
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Oil prices post a gain as EIA reports biggest U.S. crude supply decline in 5 weeks

Oil futures posted a gain on Wednesday, after U.S. government data reported a weekly drop in U.S. crude supplies”the largest in five weeks”along with declines in petroleum products, which helped to ease concerns about a slowdown in demand.

West Texas Intermediate crude for October delivery the U.S. benchmark, rose 85 cents, or 1.6%, to settle at $55.78 a barrel on the New York Mercantile Exchange. Prices settled at their highest in just over a week, but off the session's high of $56.75, according to FactSet data. October Brent crude the global benchmark, added 98 cents, or 1.7%, at $60.49 a barrel on ICE Futures Europe.

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 10 million barrels for the week ended Aug. 23. That was the biggest one-week decline reported by the government agency since the 10.8 million-barrel fall for the week ended July 19.

Analysts polled by S&P Global Platts, on average, expected a decline of 4.7 million barrels, while the American Petroleum Institute on Tuesday reported an 11.1 million-barrel decrease.

Source : MarketWatch

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