West TX Oil Edges up to $94.20 on Stock Draw

New front month U.S. crude futures inched up towards $94 in early Thursday trade as a bigger than expected drop in petroleum stockpiles outweighed news of increased supplies.

U.S. crude futures for October delivery had risen 7 cents to $93.52 a barrel by 0005 GMT. The September crude contract, which expired on Wednesday, finished $1.59 higher.

U.S. crude oil inventories fell by 4.5 million barrels in the week to Aug. 15, compared with analysts’ expectations for a decrease of 1.2 million barrels, data from the Energy Information Administration showed on Wednesday.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.