Advertisement
UK markets close in 1 hour 40 minutes
  • FTSE 100

    7,965.65
    +33.67 (+0.42%)
     
  • FTSE 250

    19,889.49
    +78.83 (+0.40%)
     
  • AIM

    743.94
    +1.83 (+0.25%)
     
  • GBP/EUR

    1.1697
    +0.0028 (+0.24%)
     
  • GBP/USD

    1.2635
    -0.0003 (-0.03%)
     
  • Bitcoin GBP

    56,488.90
    +1,326.14 (+2.40%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,252.82
    +4.33 (+0.08%)
     
  • DOW

    39,746.35
    -13.73 (-0.03%)
     
  • CRUDE OIL

    82.43
    +1.08 (+1.33%)
     
  • GOLD FUTURES

    2,231.20
    +18.50 (+0.84%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,497.29
    +20.20 (+0.11%)
     
  • CAC 40

    8,215.01
    +10.20 (+0.12%)
     

Crude oil is spiking

Crude oil is spiking.

On Wednesday morning, West Texas Intermediate crude futures rose nearly 3% in New York to as high as $49.50 per barrel.

Earlier, the Energy Information Administration reported a surprise drop in oil inventories by 4.2 million barrels in the week ending July 24.

On Tuesday, the American Petroleum Institute reported that supplies fell by 1.9 million barrels, more than the estimate for a 700,000-barrel decline, according to MarketWatch.

Stockpiles are still at the highest levels for this time of year in 80 years, and this week's drop comes amid concerns that there's too much oil on the market.

ADVERTISEMENT

Last week, WTI collapsed into a bear market – defined as a 20% drop from highs – followed by Brent crude, the international benchmark, on Monday.

Here's a chart showing the rise in WTI on Wednesday:

fut_chart (3)_edited 1
fut_chart (3)_edited 1

(Finviz)

NOW WATCH: Here's a video of Cecil the lion before he was killed



More From Business Insider