Oil Rises on Large Decline in Cushing Stocks

Oil prices rose on Thursday on expectations of a hefty stockpile draw at the U.S. oil storage hub at Cushing, Oklahoma, reversing the previous day’s loses spurred by data showing U.S. crude output at its highest in two years.

Inventories at Cushing, the delivery hub for U.S. crude futures, declined more than a million barrels in the week to Aug. 15, traders said citing estimates from energy industry information provider Genscape.

In the latest week to Aug. 11 for which government data was available, Cushing inventories increased nearly 700,000 barrels.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.