Investing.com – Crude prices rose for an eight day in a row on Wednesday as the U.S. government reported another weekly drop in stockpiles that bucked market expectations — though gasoline inventories ballooned again, exhibiting the one weak link in the oil complex.
New York-traded West Texas Intermediate, the key indicator for U.S. crude, settled up 32 cents, or 0.6%, at $56.68 per barrel, after hitting a January 2020 peak of $58.91. WTI has gained almost 9% over the past eight sessions.
London-traded Brent, the global benchmark for crude, settled up 38 cents, or 0.6%, at $61.47, after setting a 13-month high at $61.69.
Crude stockpiles fell 6.64 million barrels last week, compared with analysts’ expectations for a build of 985,000 barrels, the U.S. Energy Information Administration said. Read more…..
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Icarus TV
CNBC’s Scott Wapner discusses possible warning signs for crude oil futures with Jim Iuorio of TJM Institutional Services and Bill Baruch of Blue Line Futures.
