Oil Futures Post Modest Gain on Wednesday

Oil futures produced a slight gain on Wednesday as government data reports showed a drawdown in crude supplies, according to Bloomberg MarketWatch.

October West Texas Intermediate crude tacked on 58 cents, or 1.2%, to settle at $48.41 a barrel on the New York Mercantile Exchange.

October Brent crude, the global benchmark, rose 70 cents, or 1.4%, to end trading at $52.57 a barrel on the ICE Futures Europe exchange.

Earlier on Wednesday, the U.S. Energy Information Administration revealed that U.S. crude oil supplies fell by 3.3 million barrels for the week ending August 18.

The American Petroleum Institute reported late Tuesday a fall of 3.6 million barrels, according to sources.

Back on the New York Mercantile Exchange, September natural gas ended at $2.928 per million British thermal units, down 1.1 cents, or 0.4%.

Energy traders are also watching developments tied to Tropical Depression Harvey and its potential to disrupt oil and gas activity in the Gulf of Mexico. The National Hurricane Center warned that the storm could become a hurricane on Friday.

 

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