Brent Prices Soar as US Crude Inventories Fall

The US Energy Information Administration (EIA) released data showing that crude oil inventories in the United States decreased by 400,000 barrels during the week ending September 4. This brings commercial stockpiles to 424.1 million barrels, which is now on par with the five-year average for this time of year.

The decrease was reported after API's figures showed that crude oil inventories had fallen by 300,000 barrels in the period. Crude futures were trading up at $106 per barrel, a gain of $4.79 (+4.73%) on the day and about $12 per barrel from this same time last week.

Brent prices are currently trading at $106 per barrel, while WTI is trading at $100.50, both up by around 11 dollars since last week.