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Reuters reported that oil prices gained on Monday after data showed a drop in crude stockpiles at the Cushing, Oklahoma delivery hub.
Reuters reported that oil prices gained on Monday after data showed a drop in crude stockpiles at the Cushing, Oklahoma delivery hub.
As quoted in the publication:
Brent crude futures for May delivery, the front-month, were up 10 cents at $41.30 a barrel by 12:35 p.m. EDT (1635 GMT). Brent has risen 52 percent from 12-year lows of $27.10 hit on Jan. 20.
U.S. crude futures for April, which expire as the front-month at Monday’s settlement, gained 71 cents to $40.15. U.S. crude’s more-active May contract, which would be front-month from Tuesday, rose 26 cents to $41.40.
Crude stockpiles in Cushing fell 570,574 barrels to 69.05 million in the week to March 18, traders said, citing data from market intelligence firm Genscape. Cushing inventories had previously risen toward 70 million barrels, causing market participants to fear they could hit capacity.