US oil price climbs back to $89 as weekly crude inventory numbers fall
SondraHunterUS WTI oil prices climbed back to $89 a barrel late on Wednesday after the latest weekly crude inventory numbers from the EIA (Energy Information Administration) fell much more than traders an analysts had forecast.
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US Light crude oil futures for September 2012 delivery was trading at $89.16 a barrel, 08:23 GMT this morning in electronic trading on the NYMEX. The US contract closed off yesterday’s session at $89.00.
US crude oil stockpiles fell by a surprising 6.5 million barrels last week, mainly due to a drop in crude imports, not to a pick-up in demand for oil. Gasoline supplies also dropped unexpectedly last week.
The American Petroleum Institute (API) said on Tuesday that US inventories shed a massive 11.6 million barrels in the week to July 29, marking the biggest weekly drop in nearly five years.
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US oil price climbs back to $89 as weekly crude inventory numbers fall
