U.S. crude oil futures rebounded more than 1% Wednesday, breaking a three-day losing streak as an industry report pointed to falling U.S. crude inventories and as wildfires in Canada raise the risk of supply disruptions.
The American Petroleum Institute reported that U.S. crude oil stocks fell by 3.86 million barrels for the week ended July 19, according to reports. It is the fourth consecutive week of inventory declines.
The Department of Energy will release official data at 10:30 a.m. ET.
Here are today’s energy prices:
- West Texas Intermediate September contract: $77.81 per barrel, 85 cents, or 1.1%. Year to date, U.S. crude oil has gained 8.6%.
- Brent September contract: $81.72 per barrel, down 71 cents, or 0.88%. Year to date, the global benchmark is ahead 6.1%.
- RBOB Gasoline August contract: $2.45 per gallon, up 3 cents, or 1.29%. Year to date, gasoline is up 16.3%.
- Natural Gas August contract: $2.12 per thousand cubic feet, down 6 cents, or 2.9%. Year to date, gas is down 15.6%.
Wildfires continue to rage in Alberta. Though oil production in Canada remains solid, the worst of the wildfire season lies ahead and could pose a risk to supplies, according to a Goldman Sachs note Tuesday.
U.S. crude oil fell nearly 2% on Tuesday, the third consecutive day of losses, amid renewed hopes that Gaza cease-fire negotiations could de-escalate Middle East tensions, and as gasoline demand in the U.S. has largely disappointed so far this summer.