Crude oil rises after inventories surprise

Crude oil prices made decent gains late this evening in Asia (GMT+7) after the IEA released data on crude oil inventories of the last week.

Brent crude oil rose 2.96% to $76.12 a barrel. That’s a gain of $2.19.

WTI crude oil rose 3.28% to $73.09 per barrel. That translates to a gain of $2.32.

The IEA provided data on U.S. crude oil inventories for the last week. According to the data, inventories fell much higher than expected by 6.422 million barrels against a forecast of 3.544 million barrels.

Gasoline inventories, however, fell less than expected by 1.858 million barrels against a forecast of 1.957 million barrels. CPI figures released yesterday showed a 2.8% increase in gasoline prices in August.

For the year, energy prices are already up 25% from a year ago.

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