Oil futures marked their highest finish in about a month on Wednesday, after a U.S. government report showed an unexpected weekly decline in U.S. crude supplies — the first in six weeks.
With refiners set to ramp up activity ahead of the International Maritime Organization’s Jan. 1 regulations limiting sulfur content marine fuel, “and with strong exports and subdued imports, a return to crude draws could be the trend going forward,” said Matt Smith, director of commodity research at ClipperData.
December WTI crude on its first full session as a front-month contract, rose $1.49, or 2.7%, to settle at $55.97 a barrel on the New York Mercantile Exchange. That was the highest front-month contract settlement since Sept. 26, according to Dow Jones Market Data.
Global benchmark Brent crude for December meanwhile, added $1.47, or 2.5%, to $61.17 a barrel on the ICE Futures Europe exchange, the highest front-month contract finish since Sept. 27.
Source : Marketwatch