U.S. crude oil prices surged Wednesday morning as inventories continue to fall and refining activity continues to increase.
Commercial crude oil inventories stood at 518.6 million barrels on Friday, a decrease of 7.4 million barrels from the previous week, figures from the U.S. Energy Information Administration show.
Refineries processed an average of 14.6 million barrels of crude oil per day last week, an increase of 42,000 barrels per day from the previous week, EIA figures show.
The figures marks two weeks in a row of inventory draws and increased refinery activity, which can be viewed as signs of life during an industry downturn caused the coronavirus pandemic.
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Prices for West Texas Intermediate, the U.S. benchmark for crude oil, rose roughly 4 percent Wednesday morning in response to the figures.
West Texas Intermediate was trading above $43 per barrel for the first time since early March.
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August 05, 2020 at 09:49PM
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U.S. crude oil prices surge on continued inventory draws - Houston Chronicle
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