WTI futures advance after API reports 9.16m barrel stockdraw

Crude oil futures advanced following the release of the latest weekly estimate of US inventories from a private industry group.

According to reports, on Tuesday evening the American Petroleum Institute reported a 9.16m barrel drop in US oil stockpiles during the week ending on 11 August.

That was well in excess of the 3.5m barrel drop anticipated by analysts.

Markets were now waiting on the equivalent official data from the Energy Information Administration, the Department of Energy's statistical arm, at 1530 BST.

As of 0943 BST front month West Texas Intermediate crude oil futures were up by 0.54% to $47.81 a barrel on the ICE.