Oil prices rallied Wednesday as official data showed that U.S. gasoline stockpiles fell to a 22-month low.
The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. gasoline storage fell by 2.1 million barrels last week to the lowest level since November 2015.
Traders were also encouraged by the news that the Iraqi oil minister said the Organization of the Petroleum Exporting Countries (OPEC) and its partners were considering extending or deepening output cuts.
OPEC and other crude producers including Russia have agreed to reduce output by about a combined 1.8 million barrels per day until March 2018 to reduce global oil inventories and support prices.
However, U.S. crude inventories increased by 4.6 million barrels to 472.8 million barrels last week, reported the EIA.
The West Texas Intermediate for October delivery increased 0.93 U.S. dollar to settle at 50.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.15 dollars to close at 56.29 dollars a barrel on the London ICE Futures Exchange.
The Energy Information Administration (EIA) said in its weekly report on Wednesday that U.S. gasoline storage fell by 2.1 million barrels last week to the lowest level since November 2015.
Traders were also encouraged by the news that the Iraqi oil minister said the Organization of the Petroleum Exporting Countries (OPEC) and its partners were considering extending or deepening output cuts.
OPEC and other crude producers including Russia have agreed to reduce output by about a combined 1.8 million barrels per day until March 2018 to reduce global oil inventories and support prices.
However, U.S. crude inventories increased by 4.6 million barrels to 472.8 million barrels last week, reported the EIA.
The West Texas Intermediate for October delivery increased 0.93 U.S. dollar to settle at 50.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.15 dollars to close at 56.29 dollars a barrel on the London ICE Futures Exchange.
Latest comments