MTECHTIPS;-Oil extends gains after data shows big drop in U.S. crude, gas stockpiles


MTECHTIPS;-Oil extends gains after data shows big drop in U.S. crude, gas stockpiles

MTECHTIPS-Oil prices rose to the highest levels of the session in North American trade on Wednesday, after data from the U.S. Energy Information Administration showed a large drop in domestic crude and gasoline supplies.The U.S. West Texas Intermediate crude August contract was at $46.22 a barrel by 10:35 AM ET (1435 GMT), up $1.19, or around 2.6%. Prices were at around $46.15 prior to the release of the inventory data Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London climbed $1.01 to $48.53 a barrel. Crude prices posted sharp gains on Tuesday, with the commodity logging its second wining session in a row. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 7.6 million barrels in the week ended July 7. Market analysts’ expected a crude-stock decline of around 2.9 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 8.1 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by almost 2.0 million barrels last week, the EIA said

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