Oil prices soar on US crude stock draw
On Thursday, surged, backed up by a report of another dip in American crude inventories and a weakening greenback, though a glut of refined products as well as economic growth worries keep dragging on the financial markets.
International Brent crude futures were worth $48.96 a barrel, down from a morning peak of $49.17 per barrel, though 17 cents higher their last settlement. As for US West Texas Intermediate crude futures, they traded at $47.67 a barrel, showing a 24-cents surge from its last close.
Market participants told that a report of a dip in available American crude stockpiles appeared to be the number one price driver.
The American Petroleum Institute announced that its data revealed that last week American crude stockpiles dipped by approximately 6.7 million barrels, slumping last week, sinking for a seventh week in a row.
Financial experts also drew attention to a lower greenback.
Crude prices also surged, with a weaker greenback, thus making commodities priced in the currency far more attractive.