Oil prices jump more than 6%

Market news

27 August 2015

Oil prices jump more than 6%

Oil prices rose as stock markets rebounded from the recent drop. The U.S. crude oil inventories data also supported oil prices. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude inventories dropped by 5.45 million barrels to 450.8 million in the week to August 21.

Analysts had expected U.S. crude oil inventories to decline by 2.0 million barrels.

Gains were limited as on concerns over the global oil oversupply and a slowdown in the Chinese economy still weighed on oil prices.

WTI crude oil for October delivery increased to $41.26 a barrel on the New York Mercantile Exchange.

Brent crude oil for October rose to $45.86 a barrel on ICE Futures Europe.

European stocks close: stocks closed higher as concerns over a slowdown in the Chinese economy eased and the Chinese stock market stabilised

Gold price declines on a stronger U.S. dollar

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