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Oil prices trading high

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Oil prices trading high

On Wednesday, oil prices started trading high after a report stated that the crude stockpiles stumbled last week and according to Reuters, it was more than twice the amount the analysts in their poll had forecast.

The Brent Crude futures surged 0.6% to $62.89 a barrel whereas West Texas Intermediate (WTI) futures rose 0.9%, to $57.94 a barrel.

As reported by Reuters, although oil prices ended up being low on Tuesday, which was preceded by Donald Trump deciding to fire national security adviser John Bolton. They started rebounding after American Petroleum Institute (API) data, late on Tuesday, exhibited that the U.S. crude oil and gasoline stocks dropped last week, while distillate stocks built.

Jeffrey Halley, senior market analyst at OANDA said, ‘’Oil should remain supported in Asian trading, mostly supported by the overnight API crude inventory data.”

According to the API numbers, the U.S. crude inventories had fallen by 7.2 million barrels in the week ended Sept. 6 to 421.9 million, as opposed to analysts’ expectations in a Reuters poll of a decrease of 2.7 million barrels.

(Reference: Reuters)
(Image source: Reuters)