COMMODITY
Crude oil futures settle higher as US crude supplies decline
Sep-17-2020

Crude oil futures settled higher on Wednesday, extending gains from the previous session, after US government data that showed an unexpectedly large weekly drop in US crude inventories. The Energy Information Administration (EIA) has said that US crude inventories fell by 4.4 million barrels for the week ended September 11. The EIA also reported that crude stocks at the Cushing, Okla., storage hub edged down by about 100,000 barrels for the week. A sharp drop in US offshore output due to the impact of Hurricane Sally, which made landfall near Gulf Shores, further supported oil prices.

Crude oil futures for October rose $1.88 or 4.9 percent to settle at $40.16 a barrel on the New York Mercantile Exchange. November Brent crude surged $1.69 or 4.2 percent to settle at $42.22 a barrel on London's Intercontinental Exchange.

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