U.S. crude oil futures rebounded more than 1% on Wednesday, as stockpiles fell, gasoline demand rose and wildfires in Canada raise the risk of supply disruptions.
U.S. crude stockpiles fell by 3.7 million barrels and gasoline inventories decline by 5.6 million barrels for the week ending July 19, according to the Energy Information Administration. Gasoline supplied to the market, a proxy for demand, hiked 673,000 barrels per day.
Prices for West Texas Intermediate September contract registered at $77.37 per barrel, up 41 cents, or 0.53%. Year to date, U.S. crude oil has gained 8%.
Brent September contract: $81.29 per barrel, up 28 cents 71 cents, or 0.35%. Year to date, the global benchmark is ahead 5.57%.
RBOB Gasoline August contract grew to $2.45 per gallon, up 3 cents, or 1.32%. Year to date, gasoline is up 16.3%.
Natural Gas August contract skidded to $2.14 per thousand cubic feet, down three cents, or 1.74%. Year to date, gas is down 14.5%.
Meanwhile, wildfires continue to rage in Alberta. Though oil production in Canada remains solid, the worst of the wildfire season lies ahead and could pose a risk to supplies.
