- Crude Oil Trading | July 26, 2017
The EIA said crude oil inventories diminished by 7.2 million barrels, to 483.4 million barrels. The authority reported hefty inventory draws in the last three weeks as well. Saudi Arabia pledged to cut its crude oil exports and Nigeria said it was willing to cap its output. These factors pushed Brent crude back up above US$50 for the first time in two months, with WTI trading above US$48 a barrel.