WTI jumps after drop in crude inventories

West Texas Intermediate jumped nearly 3% on Wednesday following reports of a sharp drop in US crude inventories.

According to private data from the American Petroleum Institute, a significant decline in oil inventories was observed last week. Oil stockpiles dropped by 8.2 million barrels to 537 million barrels.

WTI futures for August settlements climbed 2.90% to $40.40 per barrel at 6:20 am ET. Oil posted its best quarter in nearly 30 years yesterday after crashing to historic lows in April.

Breaking the News / JC