Commodities: Crude surges almost 5%
Crude oil prices powered ahead on Wednesday after the government's weekly inventory report revealed a surprise decline in stockpiles.Light crude oil or September delivery increased $3.23 to settle at $72.42 a barrel on the New York Mercantile Exchange.
Gains on Wall Street also drove demand for the black stuff, taking oil prices to a high not seen since mid June. Optimism about the outlook for economic recovery has been pushing oil prices higher although recent economic data from the US has painted a mixed picture.
The report by the Energy Information Administration said that crude supplies dropped by 8.4m barrels to 343.6m barrels in the week ended 14 August.
Most analysts had pencilled in an increase of 1.1m barrels in crude stocks. Gasoline supplies declined 2.1m barrels while distillates, used in heating oil, fell by 700,000 barrels.
| Name | Price | 1 Day Change | 1 Day % Change | Units |
|---|---|---|---|---|
| Gold | $935.00 | +$18.50 | +1.98% | $/troy oz |
| Silver | $14.09 | -$0.50 | -3.55% | $/troy oz |
| Cattle | 155.52p | 0.000p | 0.00% | p/kg |
| Pigs | 153.65p | 0.000p | 0.00% | p/kg |
| Lamb | 143.74p | 0.000p | 0.00% | p/kg |
| Brent Crude | $74.03 | +$2.44 | +3.41% | $/barrel |
| Krugerrand | $979.90 | +$5.10 | +0.52% | $/troy oz |
| Palladium | $268.00 | +$2.00 | +0.75% | $/troy oz |
| Platinum | $1,221.00 | +$9.00 | +0.74% | $/troy oz |
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