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U.S. crude inventories fall, helping lift Brent and WTI prices

The EIA said commercial crude stockpiles were 400,000 barrels lower in the week ending Sept. 4, and WTI and Brent were sharply higher in morning trading.

Reported · Written up by our desk · Energy

U.S. crude inventories declined for the week ending September 4, according to data released by the U.S. Energy Information Administration, and the drop supported higher oil prices.

Commercial stockpiles fell by 400,000 barrels to 424.1 million barrels, bringing levels in line with the five-year average for this time of year, the EIA data showed.

The EIA release followed an API report from the prior day that indicated crude inventories had fallen by 300,000 barrels over the same period.

As the data landed, Brent futures were trading around $106 per barrel and WTI was up to about $100.50, while the EIA also reported gasoline and middle distillate inventories rising, with distillate inventories still 13.0% below the five-year average.

Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%|Gasoline (RBOB) $3.062 ▼5.8%

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