Oil extends revenues after data shows enormous stock draw

8 September 2016, 06:08
Eko Rediantoro

On Thursday, crude prices extended their profits by more than 1.5% after industry data revealed what might be the largest weekly crude stock draw for three decades.

The previous week American crude stocks shockingly tumbled by 12.1 million barrels, data from the American Petroleum Institute disclosed after Wednesday’s market settlement, compared with hopes for a surge of approximately 200,000 barrels.

If official data published from the American government later on Thursday confirms that draw, it would be the greatest one-week drop since April 1985.

In London, November delivery Brent crude futures had soared 76 cents, hitting $48.74 per barrel, having settled up 72 cents on Wednesday.

Additionally, October delivery NYMEX crude futures gained 85 cents, being worth $46.35, having settled up 67 cents the previous session.

Financial experts told that a huge dip in American gasoline stocks also backed oil.

Share it with friends: