Oil Prices up After US Crude Inventories Decline

Oil prices gained after data released from US Energy Information Administration revealed US domestic crude and gasoline inventories declined.

• A decline of 4.4 million barrels of gasoline inventories was reported by the US Energy Information Administration compared to forecasts of 0.7 million barrels.
• US West Texas Intermediate crude in North American trade for August contract gained 76 cents, or 1.6 percent to $47.16 a barrel.
• On the ICE Futures Exchange in London Bret Oil for September delivery gained 79 cents to $49.61 a barrel.
• There was a decrease of 2,300 barrels last week at Crushing Oklahoma according to EIA.
• For the week ending July 14, crude oil inventories fell 4.7 million barrels.
• The EIA reported a decrease in distillate inventories together will diesel of 2.1 million barrels.
• The EIA reported that the total US crude oil inventories was at 490.6 million barrels up to last week.
• Gasoline futures for August on Nymex gained 2.4 cents or 1.5 percent to $1.611 a gallon.
• Heating oil on Nymex for August gained 2.9 cents to $1.539 a gallon.
• Natural gas futures for August fell 0.3 cents to $3.085 per million British thermal units.

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