U.S. oil prices went up 3.07 percent on Wednesday as a result of higher-than-expected decrease of crude oil stocks in last week and weaker U.S. dollar against main currencies.
U.S. commercial crude oil inventories for the week ending Aug. 17 fell 5.8 million barrels from the previous week, according to the latest report issued by U.S. Energy Information Administration on Wednesday. The drop of weekly crude oil stocks is much higher than market-expected 1.5 million barrels.
Meanwhile, U.S. dollar continued to have weak performance on Wednesday, which offers additional support for crude oil prices.
The West Texas Intermediate (WTI) for October delivery rose 2.02 U.S. dollars to settle at 67.86 dollars a barrel on the New York Mercantile Exchange.
U.S. commercial crude oil inventories for the week ending Aug. 17 fell 5.8 million barrels from the previous week, according to the latest report issued by U.S. Energy Information Administration on Wednesday. The drop of weekly crude oil stocks is much higher than market-expected 1.5 million barrels.
Meanwhile, U.S. dollar continued to have weak performance on Wednesday, which offers additional support for crude oil prices.
The West Texas Intermediate (WTI) for October delivery rose 2.02 U.S. dollars to settle at 67.86 dollars a barrel on the New York Mercantile Exchange.
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