Next week will be the last big draw, and likely will be getting oil inventory builds before the end of september. as driving season comes to an end.
crude oil
stocks fell by a bigger than expected 11.5 million barrels in the week ended Aug. 25, market sources said, citing American Petroleum Institute figures on Tuesday. The drop suggests firm demand, said Fujitomi Securities analyst Toshitaka Tazawa.
Investors also had an eye on Hurricane Idalia as it moves over the Gulf of Mexico to the east of major U.S. oil and production sites. The region accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration.
Oil major Chevron Corp (NYSE:) evacuated some staff from the region but production was continuing