Brent crude oil hit a 2019 high above $72.00 U.S. a barrel mid-morning Wednesday, propelled by steady economic growth in China and data showing U.S. crude stockpiles shrank last week.
Crude stocks fell as imports dropped, while gasoline and distillate inventories decreased, the Energy Information Administration said on Wednesday.
Moreover, the U.S. Energy Information Administration reported Wednesday that crude inventories fell by 1.4 million barrels in the last week, falling way short of analysts’ expectations for an increase of 1.7 million barrels. However, that was less than the decline of 3.1 million barrels reported on Tuesday afternoon by industry group the American Petroleum Institute.
International benchmark Brent crude oil futures were up nine cents at $71.81 U.S. a barrel as morning leaned more into afternoon. Brent peaked at $72.27 a barrel on Wednesday, the highest since Nov. 8.
U.S. West Texas Intermediate crude futures were up six cents at $64.11 U.S. per barrel and just shy of a 2019 high of $64.79 hit last week.
Prices have been supported this year by a pact reached by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit their oil output by 1.2 million barrels per day.
Global supply has been tightened further by U.S. sanctions on OPEC members Venezuela and Iran.
