Crude oil futures rose more than 4 per cent on Wednesday. Crude oil inventories in Cushing, Oklahoma, fell to their lowest level since the Federal Reserve in 2020, offsetting last week's increase in US crude stocks for the first time since mid-May.
U.S. crude oil stocks rose by 2.1 million barrels in the week ended July 16, the first increase in nine weeks, the (EIA) reported on Wednesday. The EIA report also said crude oil inventories in the US totaled 439.7 million barrels that week, 7 per cent below the average for the same period over the past five years.
EIA data also showed that crude oil inventories at the Cushing area Storage Center in Oklahoma fell by 1.4 million barrels to 36.7 million barrels in the week ended July 16, the lowest level since January 2020.
On Wednesday, (EIA), West Texas Intermediate for September delivery on the New York Mercantile Exchange, rose $3.10, or 4.6%, to close at $70.30 a barrel.
Brent crude for September delivery rose $2.88, or nearly 4.2%, to $72.23 a barrel on the London Intercontinental Exchange (120.23,1.09,0.91%).