Oil Prices Surge Following EIA Weekly Report

Oil prices rose on Wednesday, amid output disruptions in North America, particularly in the Gulf of Mexico, and after the US Energy Information Administration (EIA) reported a decline in crude inventories last week.

Brent crude futures for November delivery increased by $1.69, or 4.2%, to finish at $42.22 per barrel.

The West Texas Intermediate (WTI) futures for October delivery surged by $1.88, or 4.9%, and closed at $40.16 per barrel.

Data of the United States Energy Information Administration’s (EIA) weekly report showed earlier today that crude oil inventories in the US declined by 4.4 million barrels during the week that ended on September 11, which came against market analysts’ expectations of a 1.27 million barrel rise in US oil stockpiles.