Crude Oil Prices Remain Higher After Drop in U.S. Stockpiles

Investing.com – Oil prices remained higher on Wednesday, after data from the U.S. Energy Information Administration showed that domestic crude stockpiles declined more than expected last week.

U.S. West Texas Intermediate (WTI) crude futures were up 42 cents, or around 0.75% at $52.28 a barrel by 10:35 a.m. ET (14:35 GMT). Prices were at around $52.23 prior to the release of the inventory data.

Meanwhile, futures, the benchmark for oil prices outside the U.S. gained 47 cents or about 0.81% to $58.35 a barrel.

The U.S. Energy Information Administration said in its weekly report that inventories fell by in the week ended October 13.

Market analysts’ expected a decline of around 4.24 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of .

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by last week, the EIA said.

The report also showed that gasoline inventories rose by , compared to expectations for an increase of 256,000 barrels. For distillate inventories including diesel, the EIA reported a gain of 528,000 barrels.

The commodity had already strengthened following reports on Tuesday that Iraqi forces took control of oil fields in Kirkuk.

The fighting follows a referendum in which the Kurds, who run their own semiautonomous region in northern Iraq, voted overwhelmingly in favor of independence last month, defying Baghdad, regional powers and the U.S.

Elsewhere, were up 0.44% at $1.637 a gallon, while lost 2.60% to $2.885 per million British thermal units.

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