Oil Jumps 3% On Big US Crude Draw, Iran Sanctions

Latest US crude oil sentiment data

West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in USA crude inventories. The three fields contribute about 45,000 to 50,000 bpd to the North Sea's Forties and Brent crude streams. Refinery utilisation rates remained unchanged last week at 98.1% of total capacity, the highest rates since 1999.

In June, China was the biggest foreign buyer of American crude, importing a record 15 million barrels that month. USA crude gained $1.73, or 2.6%, to $67.57 U.S.

The West Texas Intermediate (WTI) for October delivery price increased by 2.02 USA dollars, or 3.07 percent, to settle at 67.86 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased by 2.15 dollars, or 2.96 percent, to settle at 74.78 dollars a barrel on the London ICE Futures Exchange.

US commercial crude oil inventories C-STK-T-EIA fell by 5.8 million barrels in the week to August 17 to 408.36 million barrels, the Energy Information Administration (EIA) said on Wednesday.

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The U.S. dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 percent the previous day, weighed down by U.S. President Trump's comments on monetary policy.

According to EIA, the inventories of gasoline and distillates increased by 1.2 million barrels and 1.8 million barrels, respectively, for the week.

On the supply side, USA crude oil production rose back to 11 million barrels per day, the EIA report said.

Moreover, oil-tanker owners are seen staying away from hauling Iranian supplies because of the risk of being cut off from the booming business of transporting crude pumped from shale fields in Texas or wells in the Gulf of Mexico.

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Federer, the second seed, began his tournament with a comfortable 6-4 6-4 win over Peter Gojowczyk after a first-round bye. The former top tennis player in the world defeated Canadian player Milos Raonic 7-5, 4-6, 6-3 for a place in the semis.

In production, United States crude oil output rose back to 11 million barrels per day, the EIA report said.

Opec has started to boost supplies following a deal with Russian Federation and other allies in June, although producers have been cautious so far.

The US/China trade tensions fuelled concerns that global economic growth could slow, weakening worldwide energy demand.

Official data from the US Energy Information Administration is due 2:30pm GMT on Wednesday.

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