WASHINGTON (dpa-AFX) - Crude oil prices surged higher on Wednesday, recovering after having tumbled to a near 3-year low in the previous session. Fears of prolonged production shutdowns in the offshore oil patch due to Hurricane Francine's impact pushed up oil prices today.
Oil prices had tumbled in the previous session, weighed down by OPEC's decision to lower its demand growth forecast for the second time in two months. Data showing a drop in China's oil imports weighed as well on oil prices earlier in the week.
West Texas Intermediate Crude oil futures for October ended up by $1.56 or about 2.37% at $67.31 a barrel
Brent crude futures were up $1.36 or 1.97% at $70.55 a barrel a little while ago.
Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. crept up by 0.8 million barrels in the week ended September 6th, after plunging by 6.9 million barrels in the previous week. Economists had expected crude oil inventories to inch up by 0.9 million barrels.
At 419.1 million barrels, U.S. crude oil inventories remain about 4% below the five-year average for this time of year, the EIA added.
The EIA said gasoline inventories also increased by 2.3 million barrels last week but are about 1% below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also climbed by 2.3 million barrels last week but are about 8% below the five-year average for this time of year, the EIA data said.
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