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Oil prices ticked higher on WednesdayOil prices ticked higher on Wednesday |
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International benchmarks for oil prices continue to move higher on Wednesday (17 August) after the EIA data show a drop in US commercial stockpile, soothing market concern over the stubborn excessive supply. Indeed, crude stockpiles fell by 2.5 million barrels in the week ended Friday while gasoline stockpiles fell by 2.7 million barrels. However, the EIA report is not bullish as a whole since total commercial stockpiles of crude and all oil-based products rose for the seventh straight week to 1.4 billion barrels.
WTI closed at $46.79/barrel (+$0.21) September delivery
Brent closed at $49.85/barrel (+$0.62) October delivery