Oil prices climbed further Wednesday, extending gains following the damage from Hurricanes Nicholas and Ida.
The Energy Department indicated a larger than expected decrease in domestic crude inventories. U.S. crude stocks fell by -6.4 million barrels over the week ending September 10, more than twice the consensus market forecast. Gasoline stockpiles are at their lowest levels since 2017, according to the EIA.
Following release of the EIA data, WTI crude futures for October delivery were +2.6% higher on the session at $73.04 per barrel and Brent crude contracts for November delivery had +3.4% gain to trade at $76.10 per barrel.