Oil Rallies To Multi-month Peak As U.S Crude Supplies Fall Unexpectedly
Oil prices rallied on Wednesday, after the Energy Information Administration reported a surprise drop in crude stockpiles. U.S West Texas Intermediate crude reached 16-month high at $51.92 per barrel following government data that showed domestic crude supplies dropped by 5.2 million barrels in the week ended October 14th.
This is the sixth decline in the last seven weeks. The large draw in U.S. crude stocks was also supported by a decline in imports. U.S. imports were reported to fall 954,000 barrels a day from a week earlier.
Since the start of September, U.S. crude-oil stocks have dropped 26.5 million barrels.
WTI Trade suggestion
Buy Limit at 51.60, Take profit at 51.90, Stop loss at 51.40