Crude oil rose more than 2% as US crude inventories fell more than expected

Crude oil futures closed higher Wednesday (July 27) after U.S. crude inventories fell more than expected.

  • WTI crude futures were up $2.28, or 2.4%, at $97.26 a barrel.
  • BRENT crude futures were up $2.22, or 2.1%, at $106.62 a barrel.

Oil markets received support when the EIA announced Wednesday (July 27) that U.S. crude inventories fell by 4.5 million barrels last week.

U.S. gasoline and refined oil inventories fell by 3.3 million barrels and 800,000 barrels, respectively.

The American Petroleum Institute (API), the U.S. oil industry association, said Tuesday (July 26) that U.S. crude oil inventories fell by 4 million barrels last week.

In addition, oil prices were also supported by the tight market situation. Investors expect Europe to turn more to oil after Russia cut gas supplies to Europe via the Nord Stream 1 pipeline.

The Spot Market is Open

Thursday, July 28, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.30

98.16

+0.90

+0.93%

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