Oil sticks to eight-month peaks on US inventory draw
On Wednesday, crude prices stood still close to their eight-month peak, backed up by industry data demonstrating a bigger-than-expected drawdown in American crude inventories as well as by concerns regarding attacks on Nigerian crude industry.
August delivery London Brent crude futures remained intact at $51.44 per barrel, after gaining 89 cents on Tuesday. Recently, they’ve hit $51.55 – the highest value since October 12.
July delivery NYMEX crude futures gained 4 cents, being worth $50.40, after earning 67 cents on Tuesday.
Last week, American commercial crude inventories edged down by 3.6 million barrels, according to Tuesday’s data from industry group American Petroleum Institute.
The US Energy Information Administration is expected to disclose official inventory numbers a bit later this day.
Worries regarding global supply disruptions also backed up the energy market. The southern Delta swamps in Nigeria have been seriously affected by militant attacks on gas as well as oil pipelines, and this has brought the African nation's crude production to its 20-year minimum.