Oil prices jumped in the afternoon of Asian trading hours on Wednesday following a report that showed a smaller than expected crude inventory build stateside.
West Texas Intermediate for June deliverysurged 14.1% to $14.08 per barrel. International benchmark Brent crude futures also added 4.15% to $21.31 per barrel.
The moves came after data from the American Petroleum Institute showed Tuesday that U.S. crude inventories jumped by 10 million barrels in the week to April 24 — to 510 million barrels, according to Reuters. That was lower than analysts’ expectations of a build of 10.6 million barrels, Reuters reported.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.