Crude Oil Prices Soar Further

Oil prices increased on Wednesday, extending its previous gains, amid a bigger-than-expected fall in US crude inventories.

Industry data showed US oil stockpiles dropped by 6.4 million barrels in the latest week to about 501.2 million barrels, compared with market consensus of a draw of 1.9 million barrels.

Sentiment was also lifted by strong manufacturing data in China and the US. Factory activity in China grew the most in over nine years in August, amid the first increase in overseas sales.

Meantime, US manufacturing sector rose at the fastest pace in 1-1/2 years in August, due to a jump in new orders. At around 06:00 AM GMT, WTI crude rose 0.9% to $43,16 a barrel, while Brent crude gained 0.8% to $45.96 a barrel.

Trading Economics


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