Crude oil futures jump after weekly US inventory data

Commercial crude oil inventories Stateside registered a sharp drop in the latest week, alongside a large fall in imports.

Oil stockpiles plummeted by 14.5m barrels over the five days ending on 2 September, as imports declined by 1.8m barrels a day from the prior week, according to the Energy Information Administration, the Department of Energy’s statistical arm.

Gasoline inventories decreased by 4.2m barrels while those of distillate fuels rose by 3.4m barrels.

Propane/propylene inventories grew by 0.6m barrels.

Refineries operated at 93.7% of their capacity last week.

As of 1617 BST front month West Texas Intermediate crude oil futures were up by 3.21% to $49.57 per barrel on the ICE.