Oil futures posted the highest close in five months, but ended off session highs, after data confirmed a large drop in crude inventories while also showing an unexpected rise in gasoline stocks that undercut notions of a pickup in demand.
West Texas Intermediate crude for September delivery CL.1, 1.08% CLU20, +1.10% rose 49 cents, or 1.2% to finish at $42.19 a barrel on the New York Mercantile, after rising as high as $43.52 immediately after the data. The global benchmark, October Brent crude BRN00, +0.06% BRNV20, +0.06%, closed at $45.17 a barrel, up 74 cents, or 1.7%, on ICE Futures Europe. Wednesday’s settlements were the highest since March 6 for both benchmarks.
