HOUSTON, Sept. 12 (Xinhua) -- The U.S. Energy Information Administration (EIA) on Wednesday reported larger than expected draw of crude oil inventories in the last week, resulting in jump of both major benchmarks.
EIA reported a large draw of 5.3 million barrels of crude oil inventories in the United States for the week ending Sept. 7, while the market expected a draw of only 800,000 barrels.
Meanwhile, the Category 4 Hurricane Florence is heading toward the East Coast of the United States, threatening gasoline supply and pipeline flows in the area.
Around 45 minutes after the report was released, West Texas Intermediate (WTI) October delivery traded at 70.91 U.S. dollars at New York Mercantile Exchange, up 1.61 dollars or 2.32 percent from its Tuesday settlement. While Brent November delivery traded at 79.87 dollars at ICE Futures Exchange, up 0.81 dollars or 1.02 percent from its Tuesday settlement.
According to the EIA, the inventories of gasoline and distillates decreased by 1.3 million barrels and 6.2 million barrels, respectively, for the week, but the market had expected builds for both products. Enditem
