Oil prices increased Wednesday as a government report showed U.S. crude stockpiles unexpectedly fell last week. U.S. crude supplies of last week decreased 4.2 million barrels to 459.7 million, 92.3 million barrels more than one year ago, according to the weekly report released by the Energy Information Administration Wednesday.
Inventories at Cushing, Oklahoma, the delivery point for the U. S. contract, lost 0.2 million barrels to 57.7 million barrels. U.S. crude production fell 145,000 barrels to 9.413 million barrels a day last week. Market also got support from a report said that Saudi Arabia is talking about reducing production at the end of summer.
The West Texas Intermediate for September delivery moved up 81 cents to settle at 48.79 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 8 cents to close at 53.38 dollars a barrel on the London ICE Future Exchange.
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