Oil prices jumped more than $2 on Wednesday, boosted by industry data showing a larger-than-expected drop in U.S. oil inventories and forecasts that demand will increase as immunization programs expand. Brent oil increased $2.14, or 3%, to $75.75 per barrel, while WTI crude in the United States rose $2.28, or 3.2 percent, to $72.74 per barrel. Brent is at its highest level since late July, and WTI is at its highest level since early August.
After Hurricane Ida shut down multiple refineries and offshore drilling output, crude oil, gasoline, and distillate stockpiles in the United States declined last week, according to two market sources quoting American Petroleum Institute numbers. Crude stockpiles declined 5.4 million barrels in the week ending September 10, compared to a 3.5 million-barrel reduction predicted. The storm's damage comes just two weeks after Hurricane Ida shut down much of the Gulf Coast's refining capacity.
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