West TX Oil Up From $100 After Stockpile Draw

U.S. crude oil futures regained some of the previous day’s losses to trade above $101 early on Wednesday, after industry data showed U.S. petroleum stockpiles fell much more sharply than expected.  U.S. crude futures for September delivery rose 8 cents to $101.05 a barrel by 0000 GMT, after finishing 70 cents lower on Tuesday.

U.S. crude oil inventories fell by 4.4 million barrels in the week to July 25 to 369.4 million, compared with analysts’ expectations for a decrease of 1.5 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

The U.S. Department of Energy’s Energy Information Administration (EIA) will release its own weekly petroleum stockpiles data later on Wednesday.  CVR Refining’s 115,000-barrel-per-day refinery in Coffeyville, Kansas, a major consumer of West Texas Intermediate crude, was shut on Tuesday after a fire broke out at a unit that upgrades gasoline, injuring four employees.


Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.