WASHINGTON (dpa-AFX) - Crude oil prices surged higher on Wednesday, recovering after having tumbled to a near 3-year low in the previous session. Fears of prolonged production shutdowns in the
WASHINGTON - Crude oil prices surged higher on Wednesday, recovering after having tumbled to a near 3-year low in the previous session. Fears of prolonged production shutdowns in the offshore oil patch due to Hurricane Francine's impact pushed up oil prices today.
West Texas Intermediate Crude oil futures for October ended up by $1.56 or about 2.37% at $67.31 a barrelData from the Energy Information Administration showed crude oil inventories in the U.S. crept up by 0.8 million barrels in the week ended September 6th, after plunging by 6.9 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.9 million barrels.
The EIA said gasoline inventories also increased by 2.3 million barrels last week but are about 1% below the five-year average for this time of year.
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