Oil prices shot higher Wednesday, working toward a string of five uninterrupted daily gains, as preliminary U.S. data showed a larger-than-expected drop in supply.
The price gain was also due to several companies having “evacuated and reduced production at their offshore platforms in the Gulf of Mexico following a warning that a tropical disturbance is set to turn into a storm later this week,” JBC Energy analysts reported, according to the Wall Street Journal.
August West Texas Intermediate crude rose $1.38, or 2.3%, to $59.20 a barrel on the New York Mercantile Exchange. The settlement at $57.83 Tuesday was the highest for a front-month contract since July 1, FactSet data show.
International benchmark September Brent climbed $1.45, or 2.2%, to $65.61 a barrel on ICE Futures Europe.
Source : MarketWatch