US crude futures surge $3.59/bbl on energy statistics

10 August 2011 21:38  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for September delivery rose sharply, settling at $82.89/bbl on Wednesday, up $3.59, in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a broad, unexpected drawdown in crude oild and refined products inventories.

US and European debt issues and a worsening economic outlook sent equities and crude prices plunging during the two previous sessions. However, both equities and crude prices fell out of step on Wednesday, with Wall Street posting losses and the energy complex recouping a good portion of its previous declines.

September crude topped out at $83.14/bbl, up $3.84 versus the previous close, before a portion of the gains was given back.

ICE Brent outperformed its American counterpart, rising to $107.11/bbl before settling in September at $106.68/bbl, up $4.11.

By: Ignacio Sotolongo
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