The American Petroleum Institute said on Tuesday that inventories at the Cushing, Oklahoma facility dropped by 300,000 barrels last week, which pulled down inventories by 1.4 million barrels. Concerns are growing about ongoing strife in Libya as companies are removing their employees from the refineries and other facilities in the oil-rich North African nation.
"The low inventory at Cushing is supporting the oil market," energy trading manager Ken Hasegawa with Newedge Group in Tokyo told the news source on Wednesday. "The API data showed some decrease in crude stocks, and the market started with gains."
At 9:40 a.m. on Wednesday, West Texas Intermediate crude oil futures climbed 0.68 percent, a 70-cent increase to $103.36 per barrel. Brent crude oil futures edged up 0.31 percent, a 34-cent lift to $109.16 per barrel.
Reuters reports industry activity in the Falkland Islands region is poised to continue into next year after a company registered in England noted it contracted a minimum of four wells with a partner.
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