Crude oil futures continued their surge on Wednesday with Nymex crude ending above the $110-mark. The geo-political concerns kept supporting the prices with the US and its allies mulling over possibilities of military intervention in Syria. Traders even ignored the US Energy Information Administration (EIA) weekly crude oil report that showed US commercial crude oil stockpiles increased more than expected for the week ended August 23.
The EIA reported that US crude oil inventories increased by 2.9 million barrels, while gasoline stocks fell by 587,000 barrels in the week ended August 23.
Benchmark crude oil futures for October delivery surged by $1.09 or 1 percent to close at $110.10 a barrel after trading in a range of $112.24 and $109.11 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for October delivery gained 1.39% at $115.96 a barrel on the ICE.
The EIA reported that US crude oil inventories increased by 2.9 million barrels, while gasoline stocks fell by 587,000 barrels in the week ended August 23.
Benchmark crude oil futures for October delivery surged by $1.09 or 1 percent to close at $110.10 a barrel after trading in a range of $112.24 and $109.11 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for October delivery gained 1.39% at $115.96 a barrel on the ICE.
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