- U.S. crude oil bounced back Wednesday, snapping a three-day losing streak.
- Falling U.S. inventories and the risks that wildfires in Canada could disrupt production are providing support.
U.S. crude oil futures rebounded on Wednesday, breaking a three-day losing streak as stockpiles fell, gasoline demand rose and wildfires in Canada raised the risk of supply disruptions.
U.S. crude stockpiles fell by 3.7 million barrels and gasoline inventories declined by 5.6 million barrels for the week ending July 19, according to the Energy Information Administration. Gasoline supplied to the market, a proxy for demand, increased by 673,000 barrels per day.
Here are Wednesday's closing energy prices:
- West Texas Intermediate September contract: $77.59 per barrel, up 63 cents, or 0.82%. Year to date, U.S. crude oil has gained 8.3%.
- Brent September contract: $81.71 per barrel, up 70 cents, or 0.86%. Year to date, the global benchmark is ahead 6%.
- RBOB Gasoline August contract:Â $2.45 per gallon, up 3 cents, or 1.55%. Year to date, gasoline is up 16.6%.
- Natural Gas August contract: $2.11 per thousand cubic feet, down 7 cents, or 3.2%. Year to date, gas is down 15.8%.
Meanwhile, wildfires continue to rage in Alberta. Though oil production in Canada remains solid, the worst of the wildfire season lies ahead and could pose a risk to supplies, according to a Goldman Sachs note Tuesday.
Get Tri-state area news delivered to your inbox. Sign up for NBC New York's News Headlines newsletter.
U.S. crude oil fell nearly 2% on Tuesday, the third consecutive day of losses, amid renewed hopes that Gaza cease-fire negotiations could de-escalate Middle East tensions, and as gasoline demand in the U.S. has largely disappointed so far this summer.
