US crude futures surge on large inventory drawdown

19 September 2013 00:23  [Source: ICIS news]

HOUSTON (ICIS)--US crude oil futures surged by 2.5% on Wednesday, as a larger-than-expected draw on supplies forced prices up.

The US Energy Information Administration (EIA) revealed that crude oil supplies fell by 4.4m bbl, reaching the lowest level since March 2012.

Analysts had predicted a draw of only 1.4m bbl.

West Texas Intermediate crude oil prices settled at $108.07/bbl, up by $2.65/bbl from Tuesday’s close of $105.42/bbl.

Additionally, the US Federal Reserve left its bond-buying program in tact, which provided upward support.

Brent futures were also much stronger on Wednesday, settling at $110.60/bbl, up by $2.41/bbl.

 

 


By: Bobbie Clark
+1 713 525 2653



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