The sharp drop in US oil inventory lifted energy prices, sending both crude oil benchmarks to highest levels in 2 weeks. The front-month WTI contract rose for a 4th consecutive day, rallying +4.66% to 47.62, at close. The Brent contract breached above the 50 level before ending the day at 49.99, up +4.19%. Refinery products also soared with heating oil and RBOB gasoline contracts gaining +3.91% and +5.21% respectively.
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Energy Prices Rallied as Crude Inventory Fell the Most in Almost 2 Decades
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