Crude oil futures showed minimal changes during the Wednesday trade session in the aftermath of a U.S. report noting the largest storage site in the globe’s top consumer of the energy commodity demonstrated inventories fell, according to Bloomberg.
The site in Cushing, Oklahoma, saw inventories fall 315,000 barrels last week to amount to 51.4 million, which represents the lowest level in one month.
“It looks like a lot of buyers are using railcars to avoid the bottleneck at Cushing,” co-president Richard Soultanian with energy procurement adviser NUS Consulting Group in New Jersey told the news source on Wednesday. “Anyone that can avoid Cushing is going to.”
At 3:55 p.m. on Wednesday, WTI crude oil futures rose 0.14 percent, a 14-cent gain to $96.78 per barrel. Brent crude oil futures climbed 0.34 percent, a 40-cent lift to $116.92 per barrel.
Reuters reports economic optimism benefited Brent crude oil futures on Wednesday, as the energy commodity followed the upward drive of gains on Wall Street. Prices rose higher in the early afternoon prior to settling down later in the trade session.
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