Oil spikes as US inventories tumble by more than expected
US inventories fell by 5.25 million barrels during the week ended May 5. Economists were anticipating a drop of 2 million barrels, according to Bloomberg.
The energy component was already trading higher on Wednesday after data released by the American Petroleum Institute late Tuesday showed US inventories fell by 5.79 million barrels.
WTI has been under pressure for the last several weeks. The energy component struggled near $54, and started to move lower after data released on April 20 showed a smaller than expected drawdown in oil inventories and the first jump in gasoline supplies in several months. Its price remained under pressure last week after key support near $48 failed to hold.
WTI has fallen about 12.6% so far this year as talk of OPEC extending its production cut through the end of the year has failed to provide support.
Meanwhile, Brent crude oil, the international benchmark, is up 1.9% at $49.89 per barrel on Wednesday, and has lost 12.4% this year.
Get the latest Oil WTI price here.
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance