WTI Inches Closer to $50 a Barrel on Wednesday as EIA Reports Large Supply Drop

As domestic oil futures settled higher and Brent crude finished lower, government data revealed the largest weekly drop in crude oil supplies for 2017, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, June West Texas Intermediate crude added 6 cents, or 0.1%, to settle at $49.62 a barrel. WTI briefly traded above $50 a barrel before the settlement close, which followed the unveiling of President Donald Trump’s tax-reform plan.

On the London ICE Futures Exchange, June Brent crude, the global benchmark, finished at $51.82 a barrel, down 28 cents, or 0.5%.

Earlier on Wednesday, the U.S. Energy Information Administration reported domestic crude oil supplies fell 3.6 million barrels for the week ending April 21—the largest weekly decline so far this year. Crude stockpiles also posted declines in each of the previous two weeks.

Late Tuesday, the American Petroleum Institute reported a rise of 897,000 barrels for crude supplies, while analysts polled by S&P Global Platts forecast a fall of 1 million barrels.

Meanwhile, May natural gas rose 9.9 cents, or 3.3%, to end at $3.142 per million British thermal units on the New York Mercantile Exchange.