21st August 2014
Wednesday saw the closure of September contracts in crude oil trading, which – along with other factors – helped to boost the US crude price in yesterday's session.
Many traders left it to the last minute to buy back some short positions before the contract expired at the end of the session, which helped the commodity pass $93 a barrel again after the previous day's slump.
Investors were also significantly influenced by yesterday's EIA stockpile figures, which showed that inventories dropped by 4.5 million barrels last week, far in excess of the 1.2 million that had been anticipated. The total now stands at 362.5 million barrels.
There was a small spike when it emerged that the Bank of England's policymakers were split over interest rates, while levels held after the US Fed suggested that it may tighten policy sooner rather than later too. The spotlight will now be on the Fed's three-day conference at Jackson Hole to see if there are other cues that could affect crude oil trading. At 0700 GMT, US crude was priced at $93.12 a barrel.
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