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Oil Settles at Highest Level in Five Months

M. Ali 5 August, 2020 11:48 pm Commodities, Market Update

Oil prices settled higher on Wednesday, at its highest closing level in about five months, after data showed a more than expected decline in US crude inventories.

Brent crude futures for October delivery closed higher by 74 cents or 1.7% at $45.17, its best since March 6.

Meanwhile, the West Texas Intermediate (WTI) crude oil futures for September delivery increased by 49 cents or 1.2% and settled at $42.19 per barrel.

Earlier today, data by the US Energy Information Administration (EIA) showed that oil stockpiles decreased last week for the second consecutive week by 7.4 million barrels to a total of 518.6 million barrels.

Yesterday, data by the American Petroleum Institute (API) reported an 8.6 million-barrel decrease in the US oil inventories.

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