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Oil Edges Higher on Signs of Major Drawdown in US Inventories
Oil steadied around a two-month high on signs of a significant drawdown in US crude stockpiles. Brent crude traded above $86 a barrel after slipping 0.4% on Tuesday, with West Texas Intermediate around $83. The American Petroleum Institute reported crude inventories shrank 9.2 million barrels last week, according to people familiar with the data. If confirmed in official figures later Wednesday, that would be the largest drop in barrel terms since January. Crude remains solidly higher this year, with futures helped by a wider risk-on mood in equity markets as the US benchmark S&P 500 hits record after record. ... (full story)
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- Posted: Jul 2, 2024 9:50pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 237
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