Global oil prices extended gains Wednesday after Energy Department data showed the second biggest decline of the year in domestic crude stocks.
The Energy Information Administration, the Energy Department's statistics office, said U.S. crude supplies fell by 10.8 million barrels in the week ending July 19, more than double the 4 million barrels forecast by analysts. The figures from the EIA followed a private reading from the American Petroleum Institute which said domestic stocks fell by 10.961 million barrels, the second biggest of the year. The collective decline in U.S. stockpiles over the past four weeks has topped 24.535 million barrels, EIA data indicates.
*CRUDE OIL INVENTORIES FELL 10.84 MLN BARRELS, EIA SAYS— Christian Fromhertz (@cfromhertz) July 24, 2019
*DISTILLATE INVENTORIES ROSE 613,000 BARRELS, EIA SAYS
*GASOLINE INVENTORIES FELL 226,000 BARRELS, EIA SAYS#CRUDE #OOTT $CL_F $USO $XLE $XOP $OIH pic.twitter.com/XXt3g09r1E
Brent crude contracts for September delivery, the global benchmark, were seen 80 cents higher from their Tuesday close and changing hands at $64.63 per barrel following the EIA release while WTI contracts for the same month, which are more tightly linked to U.S. gas prices, were marked 84 cents higher at $57.61 per barrel.