Crude prices ascend on reported American crude stock draw

On Wednesday, oil prices soared, backed by a reported draw in American crude inventories and by upbeat import data from Japan.

US West Texas Intermediate crude futures rose 1.8%, trading at $44.82 per barrel. Yesterday, the October contract expired at $43.44 per barrel and the front-month has currently rolled over to November delivery.

Market participants told that the major WTI price driver had been American Petroleum Institute data, demonstrating a 7.5 million barrel draw to about 507.2 million barrels in American crude inventories, the third weekly stock draw.

Investors had expected a surge of 3.4 million barrels, according to a Reuters survey.

International benchmark Brent crude oil futures were worth $46.45 per barrel, edging up 1.2%, from their last close.

In August, Japan's customs-cleared crude imports tacked on 0.5% from the same month a year earlier, the Ministry of Finance reported on Wednesday.

Scroll to top