COMMODITY
Crude oil futures end higher after data shows drop in crude supplies
Aug-06-2020

Crude oil futures ended higher on Wednesday lifted by data showing a sharp drop in US crude inventories in the week ended July 31. The Energy Information Administration (EIA) said US crude stocks fell by 7.4 million barrels last week, almost 2.5 times the expected decline. The American Petroleum Institute released a report on Tuesday showing an inventory draw of 8.587 million barrels in the week ended July 31. Further, optimism about US lawmakers agreeing on a coronavirus package and a weaker greenback also supported oil prices.

Crude oil futures for September surged 49 cents or 1.2 percent to settle at $ 42.19 a barrel on the New York Mercantile Exchange. October Brent crude rose 74 cents or 1.7 percent to settle at $ 45.17 a barrel on London's Intercontinental Exchange.

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