From the Field

US crude oil storage tank

Oil hits four-months high

LONDON, October 5, 2016 – Oil was up on Wednesday upon news from the American Petroleum Institute that US crude inventories were down for the fifth week in a row.


Brent hit a high of USD 51.96 per barrels on Wednesday and was going for USD 51.85 per barrel at the time of writing. WTI was doing USD 49.68 per barrel at 4.41 pm (GMT+3), having reached USD 49.77 per barrel earlier in the day.

The American Petroleum Institute on Tuesday said US crude inventories had dropped by 7.6 million barrels, with analysts eagerly anticipating whether the inventory drop will be confirmed by the US Energy Information Agency later today.

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