Crude Oil Futures Take Off After the EIA Confirms A Sharp Decline In U.S. Supplies

Crude oil futures prices jumped sharply on Thursday, reversing higher from their worst loss in a month, after official data from the Energy Information Administration confirmed a sharp decline in crude oil inventories last week.

U.S. crude oil for August delivery climbed around 2 percent to trade around $46.20 per barrel on the New York Mercantile Exchange. The price had reversed in early trade thanks to data released by the American Petroleum Institute that showed U.S. crude supplies lost 5.8 million barrels in the week ended June 30.

The EIA on Thursday said that domestic crude supplies dropped by 6.3 million barrels last week, which was even above a drop of 5.8 million barrels reported by the API and easily topped forecasts for a decline of 1.6 million barrels by analysts.

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