Oil trades 1% higher, as crude attempts to rebound from Wednesday swoon
Thursday, 25 July 2019 19:10 WIB | ENERGY |MinyakWTIBrentMinyak MentahOil,

Oil futures headed sharply higher Thursday morning following an 11 million-barrel drop in U.S. crude supplies reported Wednesday, but gains have been capped by about sluggish global growth and the restart of a production at a Middle East hub.

West Texas Intermediate crude for September delivery gained 58 cents, or 1%, to reach $56.46 a barrel, bouncing back from a sharp decline Wednesday, while September Brent crude added 72 cents, or 1.1%, to $63.80 a barrel on ICE Futures Europe, recovering all of the commodities losses in the previous session.

U.S. crude inventories dropped by 10.8 million barrels for the week ended July 19, according to data from Energy Information Administration Wednesday, and production also edged lower, with analysts citing temporary disruptions caused by a Gulf of Mexico storm earlier this month.

Source : Marketwatch

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