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Oil soars 1% after surprise American crude stock draw

On Thursday, crude prices ascended around 1%, extending revenues from last session after a shocking third consecutive weekly American crude inventory draw tightened the energy market.

US West Texas Intermediate crude futures were trading at $45.81 a barrel, showing a 1% rise from their previous close. By the way, yesterday, the contract had already gained 3%.

Prices leapt after a report from the US Energy Information Administration revealed a 6.2 million-barrel dip in oil inventories the previous week to 504.6 million barrels. In a Reuters survey forecasters had expected a 3.4 million-barrel build.

Besides this, international benchmark Brent crude futures rose too, gaining 1% from their last close and trading at $47.31 per barrel.

Brent was spurred by a crude workers' strike in Norway, that threatened to drop North Sea crude output.

Financial experts hope that crude prices will remain range-bound at relatively low levels with global production close to record peaks and surpassing consumption.

 

 

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