@Crude oil settles higher after big drop in US crude stockpiles (10/08/2560)

10 Aug 2017
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Investing.com – Crude futures settled higher on Wednesday, as investors cheered data showing a sharp decline in supplies of U.S. crude but gains were capped by a surprise uptick in gasoline stockpiles. On the New York Mercantile Exchange crude futures for September delivery rose by % to 39 cents to settle at $49.56 a barrel, while on London's Intercontinental Exchange, Brent added 53 cents to trade at $52.67 a barrel. Crude snapped a two-day losing streak, after a report from the Energy Information Administration (EIA) showed crude stockpiles fell by more than expected last week, pointing to an uptick in refinery activity. Refiners processed nearly 17.6 million barrels of crude, surpassing a record set in May and the most for any week since the U.S. Department of Energy started keeping data in 1982. Inventories of U.S. crude fell by roughly 6.5m barrels in the week ended Aug 4, confounding expectations of a draw of about only 2.7m barrels. It was sixth-straight week of falling crude inventories. Gasoline inventories, one of the products that crude is refined into, unexpectedly rose by roughly 3.4m barrels against expectations of a draw of 1.5m barrels while distillate stockpiles fell by 1.7m barrels, compared to expectations of a decline of 131,000 barrels. The rise in gasoline stockpiles, however, capped gains in oil prices and confounded investors as the summer driving season is usually associated with an uptick in demand. The mostly upbeat crude inventory report from the EIA offset earlier negative sentiment, as investors mulled over a statement from Opec concerning the outcome of its meeting on compliance. The meeting “proved fruitful and “will help facilitate full conformity with the Declaration of Cooperation, which participating countries remain steadfast in their commitment to fulfil.” Opec noted in a statement on its website. Source: investing.com (09/08/2017)

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