On Wednesday, crude rebounded from three-month minimums after industry data revealed a sudden drawdown in American crude stockpiles and as Goldman Sachs put an upbeat spin on OPEC’s compliance with output drops.
US West Texas Intermediate crude futures CLc1 were trading +1.7%, being worth $48.42 a barrel. It came after on Tuesday, the contract sank for a seventh session in its longest losing streak since last year’s January.
Meanwhile, Brent futures gained 1.5%, trading at $51.68, having settled down 43 cents, reaching $50.92 on Tuesday, demonstrating their lowest outcome since November.
American crude stocks descended by 531,000 barrels the previous week, as industry group the American Petroleum Institute revealed on Tuesday.
The data also showed that US gasoline along with distillate inventories drew more than expected.
According to OPEC’s monthly report, in January, crude stocks in industrialized nations inched up to 278 million barrels above the five-year average, with American shale as well as other non-OPEC supply gaining.
