Oil prices stabilize after Wednesday surge

Oil jumped a notch Wednesday due to US inventories decreasing beyond expectations.

Photo: Jacob Ehrbahn

Oil prices gained Wednesday afternoon and hit a level maintained Thursday morning.

The price surge is attributed to US inventories decreasing beyond expectations.

According to figures from the US Energy Information Administration, in the week leading up to Sept. 10 US crude stockpiles fell by 6.4 million barrels to 417.4 million barrels.

Reuters reports that the market only forecast a decline of 3.5 million barrels.

"The data follow warnings from the International Energy Agency that supply lost from storms in the Gulf of Mexico would offset gains from OPEC," ANZ Research analysts say Thursday, as cited by the news agency.

A barrel of US benchmark crude West Texas Intermediate sells Thursday morning for USD 72.74 against USD 72.88 Wednesday afternoon. Wednesday morning just before the price leap, WTI sold for USD 71 per barrel.

European reference oil Brent trades at the same times for USD 75.61 a barrel against USD 75.83. Wednesday morning, Brent went for USD 74.

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