Shaking off recent concerns over the United Kingdom’s referendum vote to leave the European Union, crude oil futures soared on Wednesday, according to Bloomberg MarketWatch.
August West Texas Intermediate crude rose $2.03, or 4.2%, on the New York Mercantile Exchange to settle at $49.88 a barrel.
August Brent crude, the global benchmark, jumped $2.03, or 4.2%, on London’s ICE Futures Exchange to settle at $50.61 a barrel.
On Wednesday, the U.S. Energy Information Administration reported that domestic crude oil supplies fell by 4.1 million barrels for the week ending June 24. On Tuesday, the American Petroleum Institute reported a 3.9 million barrel drop while analysts predicted a decline of 2.4 million barrels, according to the Bloomberg report.
Brent oil prices had dropped to a seven-week low on Monday as Britain’s decision last week to leave the European Union raised concerns over a potential slowdown in energy demand.
Meanwhile, August natural gas futures fell 2.7 cents, or 0.9%, settling at $2.863 per million British thermal units.