COMMODITY
Crude oil futures end higher as U.S. crude oil inventories drop
Jul-25-2024

Crude oil futures ended higher on Wednesday after data showed an unexpected drop in U.S. crude oil inventories in the week ended July 19th. Data from the U.S. Energy Information Administration (EIA) showed crude oil inventories fell by 3.7 million barrels last week after tumbling by 4.9 million barrels in the previous week. Street had expected crude oil inventories to rise by 0.7 million barrels. The EIA said at 436.5 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year.

Benchmark U.S. crude oil futures for September delivery gained $0.63 or about 0.81% to $77.59 per barrel on the New York Mercantile Exchange. Brent crude for September delivery rose $0.7 or 0.86% to $81.70 per barrel on London's Intercontinental Exchange.


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