Oil Jumps To Monthly High As Gas Inventories Plummet
Crude oil futures continued to surge Wednesday after government data showed a massive drop in gasoline stockpiles.
Demand for crude oil will rise in the coming weeks as refineries look to make up the shortfall caused by Hurricanes Harvey and Irma.
Crude inventories rose 5.9 million barrels, compared with analysts' expectations for an increase of 3 million barrels, the EIA said today.
However, gasoline stocks fell 8.4 million barrels, the largest draw on record.
Oil prices were also lifted when the world's energy watchdog said that global oil supplies fell in August for the first time in four months.
Global output was down by 720,000 barrels a day last month from July, to 97.7 million barrels a day, the International Energy Agency said Wednesday.
Oct. WTI climbed $1.07, or 2.2%, to settle at $49.30/bbl, the highest in five weeks.