{"id":54648,"date":"2023-08-29T23:48:47","date_gmt":"2023-08-30T03:48:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-rise-on-large-us-stockpile-draw-hurricane-jitters\/"},"modified":"2023-08-29T23:48:48","modified_gmt":"2023-08-30T03:48:48","slug":"oil-prices-rise-on-large-us-stockpile-draw-hurricane-jitters","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54648","title":{"rendered":"Oil prices rise on large US stockpile draw, hurricane jitters"},"content":{"rendered":"
\n

By Yuka Obayashi<\/p>\n

TOKYO (Reuters) – Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world’s biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. <\/p>\n

futures for October rose 17 cents, or 0.2%, to $85.66 a barrel by 0133 GMT. The October contract expires on Thursday and the more active November contract was at $85.08 a barrel, up 17 cents.<\/p>\n

U.S. West Texas Intermediate crude futures gained 24 cents, or 0.3%, to $81.40, logging its fifth session of gains.<\/p>\n

Both benchmarks rallied more than a dollar a barrel on Tuesday as the U.S. dollar slid after the prospects of further interest rate hikes eased following softer U.S. job data. A weaker greenback makes dollar-denominated oil less expensive for investors holding other currencies, boosting demand.<\/p>\n

stocks declined by about 11.5 million barrels in the week ended Aug. 25, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels.<\/p>\n

The bigger-than-expected draw in U.S. crude oil stockpiles is positive for the oil market as it suggest firm demand, said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.<\/p>\n

At the same time, investors bought futures on concerns surrounding Hurricane Idalia, which is churning over the Gulf of Mexico to the east of major U.S. oil and production sites. <\/p>\n

“Concerns over the Hurricane Idalia prompted fresh buying,” said Tazawa.<\/p>\n

The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration (EIA).<\/p>\n

Oil major Chevron <\/span><\/span> Corp (NYSE:) evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico.<\/p>\n

While crude oil stockpiles drew, the API data showed that gasoline inventories rose by about 1.4 million barrels and distillate fuels, including diesel and jet fuel, rose by about 2.5 million barrels. <\/p>\n

Official crude stockpile data from the EIA is due at 1430 GMT on Wednesday. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Yuka Obayashi TOKYO (Reuters) – Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world’s biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. futures for October rose 17 cents, or 0.2%, to $85.66 […]<\/p>\n","protected":false},"author":1,"featured_media":3920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-54648","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices rise on large US stockpile draw, hurricane jitters | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Yuka Obayashi TOKYO (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=54648\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise on large US stockpile draw, hurricane jitters | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Yuka Obayashi TOKYO (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=54648\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-30T03:48:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T03:48:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/CrudeOil_800x533_L_1622740597.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54648#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54648\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil prices rise on large US stockpile draw, hurricane jitters\",\"datePublished\":\"2023-08-30T03:48:47+00:00\",\"dateModified\":\"2023-08-30T03:48:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54648\"},\"wordCount\":359,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=54648#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54648\",\"url\":\"https:\/\/ifintechworld.com\/?p=54648\",\"name\":\"Oil prices rise on large US stockpile draw, hurricane jitters | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-30T03:48:47+00:00\",\"dateModified\":\"2023-08-30T03:48:48+00:00\",\"description\":\"By Yuka Obayashi TOKYO (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=54648#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=54648\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=54648#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil prices rise on large US stockpile draw, hurricane jitters\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices rise on large US stockpile draw, hurricane jitters | iFintechWorld","description":"By Yuka Obayashi TOKYO (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=54648","og_locale":"en_US","og_type":"article","og_title":"Oil prices rise on large US stockpile draw, hurricane jitters | iFintechWorld","og_description":"By Yuka Obayashi TOKYO (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the","og_url":"https:\/\/ifintechworld.com\/?p=54648","og_site_name":"iFintechWorld","article_published_time":"2023-08-30T03:48:47+00:00","article_modified_time":"2023-08-30T03:48:48+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/CrudeOil_800x533_L_1622740597.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=54648#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=54648"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil prices rise on large US stockpile draw, hurricane jitters","datePublished":"2023-08-30T03:48:47+00:00","dateModified":"2023-08-30T03:48:48+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=54648"},"wordCount":359,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=54648#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=54648","url":"https:\/\/ifintechworld.com\/?p=54648","name":"Oil prices rise on large US stockpile draw, hurricane jitters | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-30T03:48:47+00:00","dateModified":"2023-08-30T03:48:48+00:00","description":"By Yuka Obayashi TOKYO (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=54648#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=54648"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=54648#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil prices rise on large US stockpile draw, hurricane jitters"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54648"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54648\/revisions"}],"predecessor-version":[{"id":54649,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/54648\/revisions\/54649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/3920"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}