{"id":46252,"date":"2023-08-09T07:08:07","date_gmt":"2023-08-09T11:08:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-buoyed-by-industry-data-showing-u-s-crude-inventory-drop\/"},"modified":"2023-08-09T07:08:09","modified_gmt":"2023-08-09T11:08:09","slug":"oil-prices-buoyed-by-industry-data-showing-u-s-crude-inventory-drop","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46252","title":{"rendered":"Oil prices buoyed by industry data showing U.S. crude inventory drop"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002378412\" role=\"document\">\n<p>Oil futures rose Wednesday morning, buoyed by industry data that showed an unexpected drop in U.S. crude inventories last week. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.64%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.64%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"positive\">+0.64%<\/bg-quote><br \/>\n       rose 76 cents, or 0.9%, to $86.38 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.55%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"positive\">+0.55%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, was up 64 cents, or 0.7%, at $86.81 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers <\/h2>\n<p>The American Petroleum Institute, an industry trade group, said late Tuesday that U.S. crude inventories fell by 4.1 million barrels last week, according to a source citing the data, while gasoline and distillate inventories rose.<\/p>\n<div class=\"paywall\">\n<p>The Energy Information Administration will release official inventory data Wednesday morning. Analysts surveyed by S&amp;P Global Commodity Insights, on average, forecast a 930,000 barrel drop in crude inventories last week. Gasoline stocks were forecast down 1.1 million barrels, with distillates unchanged.<\/p>\n<p>The EIA last week reported that crude inventories dropped by more than 17 million barrels, a record, in the week ended July 28.<\/p>\n<p>Oil stumbled early in Tuesday\u2019s session, losing ground after China trade data showed a substantial slowdown in crude consumption in July. But futures bounced back to close solidly higher after Saudi Arabia\u2019s cabinet affirmed OPEC+ production measures, analysts said.<\/p>\n<p>Tighter supply, driven in particular by voluntary cuts by Saudi Arabia and Russia, has been credited with lifting crude over the past six weeks, with Brent and WTI ending Tuesday near 2023 highs set in April.<\/p>\n<p>\u201cThere is no doubt that there is plenty of momentum here, and traders are really ignoring all the bad news that is embedded in the Chinese data, which many analysts are trying to drum as loud as they can,\u201d Naeem Aslam, chief investment officer at Zaye Capital Markets, said in a note.<\/p>\n<p>\u201cOil traders are feeling highly comfortable with their approach when it comes to trading oil prices, and the clear trend seems to be skewed to the upside,\u201d he wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-buoyed-by-industry-data-showing-u-s-crude-inventory-drop-61411318?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures rose Wednesday morning, buoyed by industry data that showed an unexpected drop in U.S. crude inventories last week. Price action West Texas Intermediate crude for September delivery CL00, +0.64% CL.1, +0.64% CLU23, +0.64% rose 76 cents, or 0.9%, to $86.38 a barrel on the New York Mercantile Exchange. October Brent crude BRN00, +0.55% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46252","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices buoyed by industry data showing U.S. crude inventory drop | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures rose Wednesday morning, buoyed by industry data that showed an unexpected drop in U.S. crude inventories last week. 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