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Oil prices surge amid falling U.S. crude stocks, storm concerns
Oil prices jumped on Wednesday as a larger-than-expected decline in U.S. crude stockpiles and a potential tropical cyclone in the Gulf of Mexico added to concerns over tightening market. U.S. oil futures for August delivery finished 4.5 percent higher at 60.43 dollars a barrel, notching a seven-week high, according to Refinitiv. The international benchmark Brent crude for September delivery gained 2.85 dollars, or 4.4 percent, to close at 67.01 dollars a barrel on the London ICE Futures Exchange, the highest finish since May 29. On the equities market, the energy sector closed up 1.4 percent, outpacing the rest of ... (full story)