Oil rose after the biggest decline in the volume of US oil holdings in three decades

Oil quotes rose sharply after data showed a significant reduction in stocks of crude oil storage tanks in the United States by US Department of Energy and the American Petroleum Institute (API).

Commercial US crude stocks last fell last week by 14,513 thousand barrels to 511.357 million barrels

Commercial gasoline inventories decreased by 4211 thousand barrels and totaled 227.793 million barrels.

Commercial stocks of distillates rose 3382 thousand barrels, reaching 158.135 million barrels.

The market expected a increase of oil reserves by 905 th. barrels, a decline in gasoline stocks of 750 th. aarrels and a distillate stocks increase of 1150 th. barrels.

On Wednesday, the American Petroleum Institute said that inventories in the US last week fell by 12.1 million barrels. Observers note that this situation can be explained by the tropical storms in the Gulf of Mexico, which led to a decrease in drilling activity.

Oil prices also boosted the August increase in imports of crude oil to China by 5.7%. In addition, the dollar weakenek, thereby increasing demand for oil.

The cost of the October futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 47.43 dollars per barrel on the New York Mercantile Exchange.

October futures price for North Sea petroleum mix of Brent crude rose to 49.87 dollars a barrel on the London Stock Exchange ICE Futures Europe.