Oil Prices Jump As U.S. Inventories Drop| MENAFN.COM

Saturday, 10 December 2022 07:52 GMT

Oil Prices Jump As U.S. Inventories Drop


(MENAFN- Trend News Agency)

Oil prices rose noticeably on Wednesday, bolstered by a drop in U.S. fuel stockpiles, reports citing .

The West Texas Intermediate (WTI) for November delivery increased 3.65 U.S. dollars, or 4.7 percent, to settle at 82.15 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery added 3.05 dollars, or 3.5 percent, to settle at 89.32 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories decreased by 0.2 million barrels during the week ending Sept. 23. Analysts polled by S&P Global Commodity Insights had expected U.S. crude supplies to show a rise of 0.4 million barrels.

According to the EIA, total motor gasoline inventories fell by 2.4 million barrels last week, while distillate fuel inventories decreased by 2.9 million barrels.

Prices also garnered some support from supply curbs in the U.S. Gulf of Mexico.

The U.S. Bureau of Safety and Environmental Enforcement reported Wednesday that in response to Hurricane Ian, approximately 9.12 percent of oil production and 5.95 percent of natural-gas production in the Gulf has been shut in.

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