An oil pump jack is shown in a field in Stanton, Texas, on June 27, 2024.
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.
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.
Persons:
Goldman Sachs
Organizations:
American Petroleum Institute, Department, Energy
Locations:
Stanton , Texas, Canada, Alberta, Gaza, U.S