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Crude Continues Steep Rise in US Hours

OIL

Crude is finding support today post EIA data showing an unexpected draw in US crude stocks.

  • WTI AUG 24 up 2.5% at 82.77$/bbl
  • WTI has gained around 2.5% on the day and is now around 0.9% up week-on-week. It is now at its highest level since June 12.
  • Softer Chinese demand had been adding downside earlier this week, but the more bullish stock draw has outweighed that pressure.

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