Oil prices extend gains on stock-draw
Wednesday, 16 September 2015
US oil prices extended gains on Wednesday on an unexpected stockpile draw and higher gasoline prices, while international crude markets were lagged slightly on the back of low Asian economic growth expectations. Front-month US West Texas Intermediate (WTI) crude futures CLc1 were trading at $45.05 per barrel at 0644 GMT on Wednesday, up 46 cents from their last settlement. Internationally traded Brent futures LCOc1 were a bit weaker in comparison, but still gaining 27 cents to $48.02 a barrel. The recent divergence in American and international markets has cut the discount of the US oil to the Brent global benchmark WTCLc1-LCOc1 by nearly two-thirds during the past month to around $2.50 per barrel, according to Reuters.
--Shuvo--