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Oil Rallies as U.S. Crude Stockpiles Plunge 11M Barrels

Published 07/24/2019, 10:41 PM
Updated 07/24/2019, 10:53 PM
© Reuters.
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Investing.com - Oil prices rose 1% on Wednesday after U.S. crude stockpiles fell by 10.84 million barrels last week, almost 3x the level forecast.

Analysts had forecast a stockpile draw of about 4 million barrels for the week to July 19 after a decline of 3.1 million barrels in the previous week.

The EIA report also showed that gasoline inventories decreased by 226,000 barrels, compared to expectations for a draw of 730,000 barrels. Distillate stockpiles rose by 613,00 barrels, compared to forecasts for a drop of 499,000 barrels.

New York-traded West Texas Intermediate crude rose 61 cents, or 1%, at $57.38 per barrel by 10:35 AM ET (14:35 GMT), five minutes after the release of the EIA stockpiles data.

London-traded Brent, the benchmark for oil outside of the U.S., rose 52 cents, or 0.8%, to $64.35.

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