NEW YORK, Aug 22 — Oil held gains after a US government report showed the biggest decline in crude inventories since late July.
Futures in New York advanced as much as 2.7 per cent today. Crude stockpiles fell 5.84 million barrels last week, the Energy Information Administration reported, close to the 5.17 million barrel decrease the American Petroleum Institute was said to report yesterday. A weaker dollar also helped support crude prices.
At the same time, gasoline and distillate stockpiles increased and supplies at the Cushing, Oklahoma, storage hub rose for a second straight week.
West Texas Intermediate crude for October delivery added US$1.37 (RM5.62) to US$67.21 a barrel at 10.36am on the New York Mercantile Exchange. Total volume traded was about 38 per cent below the 100-day average.
Brent for October settlement climbed US$1.47 to US$74.10 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a US$6.84 premium to WTI. — Bloomberg
Source: The Malay Mail Online