Crude oil is spiking
Crude oil is spiking.
On Wednesday morning, West Texas Intermediate crude futures rose nearly 3% in New York to as high as $49.50 per barrel.
Earlier, the Energy Information Administration reported a surprise drop in oil inventories by 4.3 million barrels in the week ending July 24.
On Tuesday, the American Petroleum Institute reported that supplies fell by 1.9 million barrels, more than the estimate for a 700,000-barrel decline, according to MarketWatch.
Stockpiles are still at the highest levels in 80 years, and this week's drop comes amid concerns that there's too much oil on the market.
Last week, WTI collapsed into a bear market - defined as a 20% drop from highs - followed by Brent crude on Monday.
Here's a chart showing the rise in WTI on Wednesday:
Finviz
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BSE shares tank nearly 19% after Sebi directive on regulatory fee
- Nainital bucket list: 9 experiences you can't miss in 2024
- Sanju Samson likely to be India's first-choice wicketkeeper for T20 World Cup
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999